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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001376986-08-000027.txt : 20080523
<SEC-HEADER>0001376986-08-000027.hdr.sgml : 20080523
<ACCEPTANCE-DATETIME>20080523101718
ACCESSION NUMBER:		0001376986-08-000027
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20080519
ITEM INFORMATION:		Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20080523
DATE AS OF CHANGE:		20080523

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Tennessee Valley Authority
		CENTRAL INDEX KEY:			0001376986
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				620474417
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-52313
		FILM NUMBER:		08856573

	BUSINESS ADDRESS:	
		STREET 1:		400 WEST SUMMIT HILL DRIVE
		CITY:			KNOXVILLE
		STATE:			TN
		ZIP:			37902
		BUSINESS PHONE:		865-632-2101

	MAIL ADDRESS:	
		STREET 1:		400 WEST SUMMIT HILL DRIVE
		CITY:			KNOXVILLE
		STATE:			TN
		ZIP:			37902
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>tva-8k.htm
<DESCRIPTION>TENNESSEE VALLEY AUTHORITY
<TEXT>
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STATES</font></div>
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AND EXCHANGE COMMISSION</font></div>
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D.C. 20549</font></div>
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8-K</font></div>
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REPORT</font></div>
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to Section 13, 15(d), or 37 of the Securities Exchange Act of 1934</font></div>
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Report (Date of earliest event reported): May 19, 2008</font></div>
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VALLEY AUTHORITY</font></div>
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      </font></td>
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      </font></td>
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telephone number, including area code)</font></div>
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appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:</font></div>
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communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)</font></div>
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material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)</font></div>
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communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</font></div>
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communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</font></div>
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</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">At its
May 19, 2008 public meeting, the TVA Board of Directors (the &#8220;Board&#8221;) revised
the previously approved performance measures for TVA&#8217;s Executive Long-Term
Incentive Plan (the &#8220;ELTIP&#8221;) and established the goals associated with those
performance measures for current and future performance
cycles.&#160;&#160;Certain TVA executives in critical positions, including the
named executive officers described in TVA&#8217;s Annual Report for the period ended
September 30, 2007, filed on Form 10-K on December 12, 2007, as amended by TVA&#8217;s
Form 10-K/A filed on December 21, 2007, participate in the
ELTIP.&#160;&#160;Executives in critical positions are those who make decisions
that impact TVA&#8217;s long-term strategic and operational objectives.&#160;&#160;The
ELTIP is designed to encourage and reward executives in critical positions for
their contributions to achieving TVA&#8217;s long-term financial and operational
goals.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Board&#8217;s actions revised the previously approved delivered cost of power
performance measure to a retail rates performance measure and left unchanged the
previously approved connection point interruptions performance measure resulting
in the following as the ELTIP performance measures:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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      <div>
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            <tr valign="top">
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              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Retail
      rates (the rates that those who use TVA power pay for electricity),
      and</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div>
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                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Connection
      point interruptions (the number of interruptions of power at connection
      points caused by TVA&#8217;s transmission
system).</font></div>
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            </tr>
        </table>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The goals
associated with the above performance measures will generally be based upon a
comparison of TVA&#8217;s performance to the performance of utilities in a peer group
of regional utilities with annual revenues greater than $3
billion.&#160;&#160;Rolling three-year target comparisons for benchmarks will be
utilized.&#160;&#160;The three goals for the retail rates performance measure
are as follows:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
      <div>
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            <tr valign="top">
              <td align="right" style="WIDTH: 36pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      threshold goal will be based on improvement over the last performance
      cycle,</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div>
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            <tr valign="top">
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                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      target goal is TVA ranking at or above the 75th percentile of the peer
      group utilities&#8217; benchmark performance,
and</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 36pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      stretch performance goal is TVA ranking at or above the 90th percentile of
      the peer group utilities&#8217; benchmark
performance.</font></div>
              </td>
            </tr>
        </table>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The goals
for connection point interruptions performance measure are as
follows:</font><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 36pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      target goal (which will also serve as the threshold goal that must be met
      before there is any incentive payment under this measure) is TVA ranking
      at or above the 75th percentile of the peer group utilities&#8217; benchmark
      performance, and</font></div>
              </td>
            </tr>
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      stretch performance goal is TVA ranking at or above the 90th percentile of
      the peer group utilities&#8217; benchmark
performance.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Additionally,
the Board reserved discretion to review results and peer group comparisons at
the end of each performance cycle and to approve adjustments in payouts, if
appropriate, given the circumstances.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">With its
actions, the Board finalized the process for how payouts will be determined
under the ELTIP.</font></div>
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</font></div>
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      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(2)</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
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      </div>
      <div id="HDR">
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</font></div>
      </div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
8.01 Other Matters</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Changes
to the Bylaws of the Tennessee Valley Authority</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On May
19, 2008, the TVA Board changed TVA&#8217;s Bylaws to eliminate specific references to
a governance committee.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;
&#160;&#160;
&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The first
sentence of section 2.1 of the Bylaws previously read:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 44pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">There
shall, as a minimum, be an audit committee of Board members as required by
Section 2(g)(1)(I) of the TVA Act and a governance committee of Board
members.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 44pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">It now
reads:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 44pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">There
shall, as a minimum, be an audit committee of Board members as required by
Section 2(g)(1)(I) of the TVA Act.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;
&#160;&#160; &#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
third sentence of section 2.1 of the Bylaws previously read:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
The Chairman of the Board, in consultation with the Chairman of the governance
committee, shall appoint Board members to serve on each committee.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; It
now reads:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
The Chairman of the Board, in consultation with the Chairman of the committee
assigned oversight responsibility for the governance function, shall
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
appoint Board members to serve on each committee.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
references to a governance committee described above were removed from the
Bylaws because the governance committee was consolidated along with the Audit
and Ethics Committee into a committee named the Audit, Governance, and Ethics
Committee.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A copy of
the Bylaws marked to reflect the amendments is filed as Exhibit
3.1.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
9.01 Financial Statements and Exhibits.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td align="left" valign="top" width="9%" style="BORDER-TOP: #000000 0.5pt solid; BORDER-BOTTOM: black 4px double">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">EXHIBIT
      NO.</font></div>
            </td>
            <td align="left" valign="top" width="91%" style="BORDER-TOP: #000000 0.5pt solid; BORDER-BOTTOM: black 4px double">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">DESCRIPTION
      OF EXHIBIT</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 4px double">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">3.1</font></div>
            </td>
            <td align="left" valign="top" width="91%" style="BORDER-BOTTOM: black 4px double">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">TVA&#8217;s
      Bylaws adopted by the Board on May 18, 2006, as amended on April 3, 2008,
      and May 19, 2008 (marked to reflect the May 19, 2008
      amendments).</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(3)</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SIGNATURES</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 198pt"></font><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;Tennessee
Valley Authority&#160;&#160;&#160;&#160;</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 198pt"></font>&#160;&#160;&#160;(Registrant)</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Date: May 23,
2008&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;/s/ Kimberly S.
Greene&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 198pt"></font>Kimberly S. Greene</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 198pt"></font>Chief Financial Officer and Executive
Vice President,</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 198pt"></font>Financial Services</font></div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(4)</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EXHIBIT
INDEX</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
3.1 is filed pursuant to Item 8.01 hereof.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td align="left" valign="top" width="9%" style="BORDER-TOP: #000000 0.5pt solid; BORDER-BOTTOM: black 4px double">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">EXHIBIT
      NO.</font></div>
            </td>
            <td align="left" valign="top" width="91%" style="BORDER-TOP: #000000 0.5pt solid; BORDER-BOTTOM: black 4px double">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">DESCRIPTION
      OF EXHIBIT</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 4px double">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">3.1</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">TVA&#8217;s
      Bylaws adopted by the Board on May 18, 2006, as amended on April 3, 2008,
      and May 19, 2008 (marked to reflect the May 19, 2008
      amendments).</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div><br><br>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(5)</font></div>
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<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>3
<FILENAME>bylaws.htm
<DESCRIPTION>AMENDED BYLAWS
<TEXT>
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    <div style="TEXT-ALIGN: right"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Exhibit
3.1</font></div>
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            <td nowrap style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif; TEXT-DECORATION: underline">BYLAWS </font></font><br><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">OF</font></font><br><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">THE
      TENNESSEE VALLEY AUTHORITY</font></font></td>
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            <td nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">PREAMBLE</font></font></td>
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            <td nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">These Bylaws of the Tennessee Valley Authority are adopted by the
      Board of Directors of the</font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Tennessee
      Valley Authority in accordance with Section 4(e) of the Tennessee Valley
      Authority</font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Act of
      1933, as amended (said Act hereafter referred to as the &#8220;TVA
      Act&#8221;).&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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            <td nowrap style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">ARTICLE I </font></font><br><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Board
      of Directors</font></font></td>
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            <td nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Section 1.1</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">
      </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Number;
      Selection of Chairman</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">. In
      accordance with Section 2(a)(1) of </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">the TVA
      Act, the Board of Directors shall consist of nine members appointed by the
      President of</font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">the United
      States by and with the advice and consent of the United States Senate. The
      Board </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">of
      Directors shall select one of its members to serve as Chairman of the
      Board. The Chairman </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">shall serve
      a term of two years unless the Board decides otherwise. The term of the
      first </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Chairman
      selected under the provisions of Section 2(a)(2) of the TVA Act shall
      expire on </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">May 18,
      2008, unless the Board decides otherwise; and each subsequent term of a
      Chairman of</font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">the Board
      shall expire on May 18 of each subsequent even-numbered calendar year. A
      </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Chairman&#8217;s successor shall be selected by the Board at least ninety
      (90) calendar days prior to </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">the end of
      the term of the then current Chairman; provided, however, that if the
      position of </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Chairman
      should become vacant prior to the end of a term due to resignation or any
      other </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">reason, the
      Board shall, not later than thirty (30) calendar days after the date upon
      which such </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">vacancy
      occurs, select a new Chairman to serve out the remainder of the current
      term.</font><br><br><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Section 1.2</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">
      </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Regular
      Meetings</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">. Regular
      meetings of the Board of Directors will be </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">held at
      least four times each calendar year at such places and at such times as
      the Board of </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Directors
      may from time to time determine, consistent with the requirements of
      Section 2(g)(2) </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">of the TVA
      Act. Notice of, and agendas for, regular meetings shall be given to all
      Board </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">members in
      advance of the meeting and shall be publicly disclosed in advance in
      accordance </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">with the
      requirements of the Government in the Sunshine Act, as
      amended.</font><br><br><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Section 1.3</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">
      </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Special
      Meetings</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">. Special
      meetings of the Board of Directors may be </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">called by
      the Chairman of the Board or a majority of the members of the Board of
      Directors then </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">in office
      and may be held at any time, date or place, as the person or persons
      calling the </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">meeting
      shall fix. Notice of the time, date and place of, and agenda for, such
      meeting shall be </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">given to
      all members in advance of the meeting and shall be publicly disclosed in
      advance in </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">accordance
      with the requirements of the Government in the Sunshine Act, as
      amended.</font><br><br><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Section 1.4</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">
      </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Remote
      Attendance at Meetings</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">. Members
      of the Board of Directors, or </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">any
      committee designated by the Board, may participate in a meeting of such
      Board or </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">committee
      by means of conference telephone, audio/video transmission, or similar
      </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">communications medium, by means of which all persons participating
      in the meeting can </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">simultaneously communicate on a real-time basis with all other
      participants, and participation in</font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">a meeting
      pursuant to this bylaw shall constitute presence in person at such
      meeting; provided </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">however,
      that personal attendance of Board members at meetings of the Board is
      strongly </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">encouraged.
      The proceedings of any Board meeting covered by this Section 1.4 shall be
      public,</font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">and proper
      notice of the time, date, and place of, and agenda for, said meeting shall
      be publicly </font></td>
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            <td nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">disclosed in advance in accordance with the requirements of the
      Government in the Sunshine </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Act, as
      amended. </font><br><br><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Section 1.5</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">
      </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Quorum;
      Vote Required for Action</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">. In
      accordance with the provisions of </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Section
      2(e) of the TVA Act, five of the members of the Board shall constitute a
      quorum for the </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">transaction
      of business. Except as otherwise provided in these Bylaws or required by
      law, the </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">vote of a
      majority of the members either physically present or participating by
      remote </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">attendance
      in accordance with Section 1.4 of these Bylaws shall be the act of the
      Board of </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Directors.</font><br><br><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Section 1.6</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">
      </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Vacancies</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">. In the
      event that vacancies cause the Board to have fewer </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">than five
      members for any period of time, during any such period of time the members
      in office </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">may, as a
      Board without a quorum, continue to exercise those powers of the Board
      which are </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">necessary
      to assure continuity of operations of the Corporation along the lines
      established while</font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">the
      Corporation was guided by a quorum of the Board, but shall not have the
      authority to direct </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">the
      Corporation into new areas of activity, to embark on new programs, or to
      change the </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Corporation&#8217;s existing direction.</font><br><br><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Section 1.7</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">
      </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Organization</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">. Meetings
      of the Board of Directors shall be presided over </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">by the
      Chairman of the Board. If the Chairman is unable to preside at a meeting
      of the Board, </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">the
      Chairman shall designate a member of the Board to preside in his or her
      absence; provided </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">that, in
      the absence of such a designation, the Chairman of the governance
      committee shall </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">preside in
      the absence of the Chairman of the Board. </font><br><br><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Section 1.8</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">
      </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Notational
      Approvals by Individual Directors</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">. As long
      as personal notice </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">of said
      action for consideration by the Board of Directors, or a committee
      thereof, is provided to </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">individual
      members of the Board, or of the appropriate committee thereof, by
      electronic mail or </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">as
      otherwise specified by said individual Board member, any action required
      or permitted to be </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">taken at
      any meeting of the Board, or of any committee thereof, may be taken
      without a meeting</font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">if a
      majority of all members of the Board or such committee, as the case may
      be, approve such </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">action
      independently and individually in writing. Members shall normally have
      seven calendar </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">days during
      which they are to submit their individual votes unless the Chairman of the
      Board or </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">the
      Chairman of said committee of the Board, as appropriate, has specified
      that the deadline for </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">voting on a
      particular notational item will be a different number of calendar days;
      provided, that </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">in no event
      shall the deadline be fewer than three calendar days. The writings
      constituting such </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">approval
      shall be filed with the minutes of proceedings of the next Board or
      committee meeting </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">as
      appropriate. </font><br><br><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Section 1.9</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">
      </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Powers of
      the Board of Directors</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">. The
      principal responsibilities of the </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Board of
      Directors are to establish the broad strategies, goals, objectives,
      long-range plans, and</font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">policies of
      the Corporation in a manner consistent with the missions set forth in the
      TVA Act and</font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">to ensure
      that those are achieved by the Chief Executive Officer. Accordingly, the
      Board of </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Directors
      has those powers and authorities vested in the Board under the provisions
      of the TVA </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Act or
      under other provisions of law to carry out those principal
      responsibilities. The Board of </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Directors
      may, to the extent permitted by law, delegate authorities of the Board to
      the Chief </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Executive
      Officer or other officials of the Corporation. </font><br><br><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Section 1.10</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">
      </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Authorities
      of the Chairman of the Board</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">. The
      principal responsibilities of </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">the
      Chairman of the Board are not executive in nature and are those vested in
      the Chairman of </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">the Board
      under these Bylaws. Accordingly, the Chairman of the Board has those
      authorities as</font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">are
      necessary or appropriate to carry out the aforementioned principal
      responsibilities.</font></td>
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            <td nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Section 1.11</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">
      </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Compensation of Board Members</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">. Members
      shall be compensated in </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">accordance
      with the provisions of Section 2(f) of the TVA Act and other applicable
      provisions of</font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">law.</font></td>
          </tr>
      </table>
    </div>
    <div align="center">
    </div>
    <div>&#160;</div>
    <div align="center">
      <table>
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            <td nowrap style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">ARTICLE II </font></font><br><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Committees</font></font></td>
          </tr>
      </table><br></div>
    <div align="center">
      <table>
          <tr>
            <td nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Section 2.1</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">
      </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Committees</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">. There
      shall, as a minimum, be an audit committee of Board</font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">members as
      required by Section 2(g)(1)(I) of the TVA Act</font><font color="#ff0000" size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">.</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through"><font color="#ff0000" size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif"> and a governance committee of</font></font><font color="#ff0000" size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif"> </font><br><font style="DISPLAY: inline; TEXT-DECORATION: line-through"><font color="#ff0000" size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Board members. </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">In
      addition, the Board may, from time to time by resolution passed by a
      </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">majority of the Board, designate one or more committees of Board
      members and specify the </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">responsibilities and duties of each such committee. The Chairman of
      the Board, in consultation </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">with the
      Chairman </font><font color="#ff0000" size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">of the committee assigned oversight responsibility for the
      governance </font><br><font color="#ff0000" size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">function</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through"><font color="#ff0000" size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">of the governance committee</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">, shall
      appoint Board members to serve on each </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">committee.
      All appointees for the initial membership of committees newly-established
      by the </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Board, and
      all appointees to fill all current committee vacancies at any time that
      such vacancies </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">may occur,
      shall be submitted by the Chairman of the Board to the Board for its
      approval as a </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">single
      slate of appointees. The Chairman of the Board shall select and designate
      which Board </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">member on
      each committee shall serve as Chairman of said committee. The Chairmen and
      </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">members of committees shall serve terms that run concurrently with
      the term of the Chairman of</font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">the Board
      who appointed them to those positions. </font><br><br><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Section 2.2</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">
      </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Committee
      Rules</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">. Unless
      the Board of Directors otherwise provides, </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">each
      committee designated by the Board may make, alter and repeal rules for
      conduct of its </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">business.
      In the absence of such rules each committee shall conduct its business in
      the same </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">manner as
      the Board of Directors conducts its business.
</font></td>
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            <td nowrap style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">ARTICLE III</font></font><br><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Officers </font></font></td>
          </tr>
      </table>
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    <div align="center">
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            <td nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Section 3.1</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">
      </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Chief
      Executive Officer; Officers; Selection; Qualifications;
      Resignation;</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">
      </font><br><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Vacancies</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">. The Board
      of Directors shall choose and appoint a person to serve as Chief
      </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Executive Officer of the Tennessee Valley Authority in accordance
      with the requirements and </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">qualifications specified for such position in Section 2(h) of the
      TVA Act. The Chief Executive </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Officer
      shall serve at the pleasure of the Board of Directors. With the advice and
      consent of the </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Board in
      accordance with Section 3(a) of the TVA Act, the Chief Executive Officer
      shall choose </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">and appoint
      such officers, managers, assistant managers, employees, attorneys, and
      agents as</font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">are
      necessary for the transaction of the business of the
      Corporation.</font><br><br><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Section 3.2</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">
      </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Authorities
      and Duties of Chief Executive Officer</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">. The
      principal </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">responsibilities of the Chief Executive Officer are to achieve the
      broad strategies, goals, </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">objectives,
      long-range plans, and policies established by the Board of Directors for
      the </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Corporation
      and to ensure the continuity and reliability of the Corporation&#8217;s
      operations.</font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Accordingly, the Chief Executive Officer has all powers,
      authorities, and duties necessary or </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">appropriate
      to carry out those principal responsibilities, including but not limited
      to those to carry</font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">out
      projects and activities approved by the Board of Directors or to maintain
      continuity and/or </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">reliability
      of ongoing operations. In addition, the Chief Executive Officer shall have
      all powers, </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">authorities, and duties which are either: (i) delegated to the
      Chief Executive Officer by action of </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">the Board;
      or (ii) vested in the Chief Executive Officer under the provisions of the
      TVA Act or </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">any other
      provision of law. </font></td>
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      </table>
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        </div>
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        </div>
      </div>
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            <td nowrap width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Section 3.3 </font></font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Primary
      Spokesperson</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">. The Chief
      Executive Officer shall be the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td nowrap width="100%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Corporation&#8217;s primary spokesperson in communications with external
      individuals and entities.</font>&#160; </td>
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      </table>
    </div>
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    </div>
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            <td nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Section 3.4</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">
      </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Compensation</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">. In
      accordance with the provisions of Section 2(i) of the </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">TVA Act,
      the Board of Directors shall approve: (i) a compensation plan that
      specifies all </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">compensation (including salary or any other pay, bonuses, benefits,
      incentives, and any other </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">form of
      remuneration) for the Chief Executive Officer and employees of the
      Corporation and </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">(ii) on the
      recommendation of the Chief Executive Officer, shall approve the salaries
      of </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">employees
      whose annual salaries would be in excess of the annual rate payable for
      positions at</font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">level IV of
      the Executive Schedule under section 5315 of title 5, United States Code.
      In </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">accordance
      with the provisions of Section 2(g)(1)(G) of the TVA Act, the Board of
      Directors shall</font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">approve all
      compensation (including salary or any other pay, bonuses, benefits,
      incentives, and </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">any other
      form of remuneration) of all managers and technical personnel that report
      directly to </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">the Chief
      Executive Officer (including any adjustment to
      compensation).</font><br><br><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Section 3.5</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">
      </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Interim
      Chief Executive Officer</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">. The Chief
      Executive Officer shall </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">designate
      to the Board of Directors in writing which executive officer of the
      Corporation, or what </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">succession
      of executive officers of the Corporation, is authorized to serve in the
      position of </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Chief
      Executive Officer on an interim basis in the event that the Chief
      Executive Officer </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">becomes
      unable to carry out his duties and responsibilities due to incapacitation,
      death, or </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">absence for
      any other reason. In such an event, the designated executive officer of
      the </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Corporation
      shall serve as the Chief Executive Officer until such time as the Board of
      Directors </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">may decide
      otherwise. The Chief Executive Officer may, from time to time, revise the
      </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">aforementioned designation by informing the Board of Directors of
      such change in writing. </font></td>
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            <td nowrap style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">ARTICLE IV </font></font><br><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">TVA
      Board Practices System</font></font></td>
          </tr>
      </table>
    </div>
    <div align="center">&#160;</div>
    <div align="center">
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            <td nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Section 4.1</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">
      </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">TVA Board
      Practices System</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">. The &#8220;TVA
      Board Practices System&#8221; shall </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">contain
      practices approved by the Board for inclusion in the System which govern
      various Board</font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">and Board
      Committee processes and activities or interpret provisions of these
      Bylaws. These </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">practices
      provide guidance to members of the Board and provide guidance or delegate
      </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">additional general authorities to the Chief Executive Officer in
      those cases where an </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">amendment
      to these Bylaws to accomplish such purposes is not deemed to be necessary.
      </font><br><br><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Section 4.2</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">
      </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Adoption of
      New TVA Board Practices</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">. The
      adoption by the Board of </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Directors
      of any new TVA Board Practice shall require a vote in the affirmative by
      not less than </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">a majority
      of those members of the Board voting.</font></td>
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            <td nowrap style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">ARTICLE V </font></font><br><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Indemnification</font></font></td>
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            <td nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Section 5.1</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">
      </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Right to
      Indemnification</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">. The
      Corporation shall indemnify and hold </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">harmless,
      to the fullest extent permitted by applicable law as it presently exists
      or may hereafter </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">be amended
      in a manner more favorable to indemnitees, any person (an &#8220;Indemnitee&#8221;)
      who was</font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">or is made
      or is threatened to be made a party or is otherwise involved in any
      threatened or </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">pending
      claim, action, suit or proceeding, whether civil, criminal, administrative
      or investigative </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">(a
      &#8220;proceeding&#8221;), by reason of the fact that he, she, or a person for whom he
      or she is the legal </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">representative, is or was a director or officer of the Corporation
      or, while a director or officer of </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">the
      Corporation, is or was serving at the request of the Corporation as a
      director, officer, </font></td>
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            <td nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">employee or agent of another corporation or of a partnership, joint
      venture, trust, enterprise or </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">nonprofit
      entity, including service with respect to employee benefit plans, against
      all liability and </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">loss
      suffered and expenses (including attorneys&#8217; fees) reasonably incurred by
      such Indemnitee.</font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Notwithstanding the preceding sentence, except as otherwise
      provided in Section 5.3, the </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Corporation
      shall be required to indemnify an Indemnitee in connection with a
      proceeding (or </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">part
      thereof) commenced by such Indemnitee only if the commencement of such
      proceeding (or</font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">part
      thereof) by the Indemnitee was authorized by the Board of Directors of the
      Corporation. At </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">the
      Indemnitee&#8217;s election, the Corporation shall provide or arrange for legal
      representation of </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">the
      Indemnitee in defending any proceeding against said Indemnitee in advance
      of its final </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">disposition. The indemnification provided by this Article V shall
      inure to the benefit of the heirs, </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">executors
      and administrators of the Indemnitee. </font><br><br><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Section 5.2</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">
      </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Payment of
      Expenses</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">. The
      Corporation shall pay the expenses incurred </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">personally
      by an Indemnitee in defending any proceeding in advance of its final
      disposition, </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">provided,
      however, that any payment of such expenses in advance of the final
      disposition of the</font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">proceeding
      shall be made only upon receipt of an undertaking by the Indemnitee to
      repay all </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">amounts
      advanced if it should ultimately be determined that the Indemnitee is not
      entitled to be </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">indemnified
      under this Article V or otherwise. </font><br><br><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Section 5.3</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">
      </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Other
      Sources</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">. The
      Corporation&#8217;s obligation, if any, to indemnify or to </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">advance
      expenses to any Indemnitee who was or is serving at its request as a
      director, officer, </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">employee or
      agent of another corporation, partnership, joint venture, trust,
      enterprise or </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">nonprofit
      entity shall be reduced by any amount such Indemnitee may collect as
      indemnification</font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">or
      advancement of expenses from such other corporation, partnership, joint
      venture, trust,</font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">enterprise
      or nonprofit enterprise. </font><br><br><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Section 5.4</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">
      </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Amendment
      or Repeal</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">. Any
      repeal or modification of the foregoing </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">provisions
      of this Article V shall not adversely affect any right or protection
      hereunder of any </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Indemnitee
      in respect of any act or omission occurring prior to the time of such
      repeal or </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">modification. </font><br><br><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Section 5.5</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">
      </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Other
      Indemnification and Prepayment of Expenses</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">. This
      Article V shall </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">not limit
      the right of the Corporation, to the extent and in the manner permitted by
      law, to </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">indemnify
      and to advance expenses to persons other than Indemnitees when and as
      authorized</font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">by
      appropriate corporate action. </font><br><br><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Section 5.6</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">
      </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Indemnification Contracts</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">. The Board
      of Directors is authorized to cause </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">the
      Corporation to enter into indemnification contracts with any director,
      officer, employee or </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">agent of
      the Corporation, or any person serving at the request of the Corporation
      as a director, </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">officer,
      employee or agent of another corporation, partnership, joint venture,
      trust or other </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">enterprise,
      including employee benefit plans, providing indemnification rights to such
      person.</font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Such rights
      may be greater than those provided in this Article V. </font><br><br><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Section 5.7</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">
      </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Effect of
      Amendment</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">. Any
      amendment, repeal or modification of any </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">provision
      of this Article V shall be prospective only, and shall not adversely
      affect any right or </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">protection
      conferred on a person pursuant to this Article V and existing at the time
      of such </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">amendment,
      repeal or modification. </font><br><br><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Section 5.8</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">
      </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Insurance</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">. The
      Corporation may purchase and maintain insurance on </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">behalf of
      any person who is or was or has agreed to become a director, officer,
      employee or </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">agent of
      the Corporation, or is or was serving at the request of the Corporation as
      a director, </font></td>
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      </table>
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            <td nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">officer, employee or agent of another corporation, partnership,
      joint venture, trust or other </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">enterprise
      against any liability asserted against him or her and incurred by him or
      her or on his </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">or her
      behalf in any such capacity, or arising out of his or her status as such,
      whether or not the </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Corporation
      would have the power to indemnify him or her against such liability under
      the </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">provisions
      of this Article V. </font><br><br><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Section 5.9</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">
      </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Savings
      Clause</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">. If this
      Article V or any portion hereof shall be invalidated </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">on any
      ground by any court of competent jurisdiction, then the Corporation shall
      nevertheless </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">indemnify
      each director and officer of the Corporation as to costs, charges and
      expenses </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">(including
      attorneys&#8217; fees), judgments, fines and amounts paid in settlement with
      respect to any </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">action,
      suit or proceeding, whether civil, criminal, administrative or
      investigative, including an </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">action by
      or in the right of the Corporation, to the full extent permitted by any
      applicable portion </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">of this
      Article V that shall not have been invalidated and to the full extent
      permitted by applicable</font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">law.
    </font></td>
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            <td nowrap style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">ARTICLE VI </font></font><br><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Miscellaneous</font></font></td>
          </tr>
      </table>
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          <tr valign="bottom">
            <td align="left" nowrap width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Section 6.1 </font></font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Fiscal
      Year</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">. The
      fiscal year of the Corporation shall be October 1
      through&#160;&#160;&#160; </font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">September
      30, unless specified otherwise by Act of
      Congress.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    </td>
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            <td nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Section 6.2</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">
      </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Seal</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">. The
      corporate seal shall have the name of the Corporation </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">inscribed
      thereon and shall be in such form as may be approved from time to time by
      the Board </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">of
      Directors.</font><br><br><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Section 6.3</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">
      </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Conflict-of-Interest Policy</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">. In
      accordance with the requirements of </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Section
      2(g)(1)(E) of the TVA Act, the Board of Directors shall maintain and may,
      from time to </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">time,
      revise a conflict-of-interest policy applicable to members of the Board,
      the Chief Executive </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Officer,
      and all employees of the Corporation. Any revisions to the aforementioned
      conflict-of-</font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">interest
      policy adopted by the Board of Directors shall be submitted to the United
      States </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Congress.
      </font><br><br><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Section 6.4</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">
      </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Form of
      Records</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">. Any
      records maintained by the Corporation in the </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">regular
      course of its business, including its books of account and minute books,
      may be kept on,</font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">or be in
      the form of any information storage device, provided that the records so
      kept can be </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">converted
      into clearly legible form within a reasonable time.</font><br><br><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Section 6.5</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">
      </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Reliance
      Upon Books and Records</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">. A member
      of the Board of Directors,</font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">or a member
      of any committee designated by the Board of Directors shall, in the
      performance of</font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">his or her
      duties, be fully protected in relying in good faith upon records of the
      Corporation and </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">upon such
      information, opinions, reports or statements presented to the Corporation
      by any of </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">the
      Corporation&#8217;s officers or employees, or committees of the Board of
      Directors, or by any </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">other
      person as to matters the member reasonably believes are within such other
      person&#8217;s </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">professional or expert competence and who has been selected with
      reasonable care by or on </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">behalf of
      the Corporation. </font><br><br><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Section 6.6</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">
      </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">TVA Act
      Governs</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">. In the
      event of any conflict between the provisions of </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">the TVA
      Act, or other applicable provisions of law, and these Bylaws, the
      provisions of the TVA </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Act, or
      other applicable provisions of law, shall govern.
</font></td>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
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            <td nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Section 6.7</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">
      </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Severability</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">. If any
      provision of these Bylaws shall be held to be invalid,</font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">illegal,
      unenforceable or in conflict with the provisions of the TVA Act, or other
      applicable </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">provisions
      of law, then such provision shall nonetheless be enforced to the maximum
      extent </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">possible
      consistent with such holding and the remaining provisions of these Bylaws
      (including </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">without
      limitation, all portions of any section of these Bylaws containing any
      such provision held</font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">to be
      invalid, illegal, unenforceable or in conflict with the TVA Act, or other
      applicable provisions</font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">of law,
      that are not themselves invalid, illegal, unenforceable or in conflict
      with the TVA Act, or </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">other
      applicable provisions of law) shall remain in full force and effect.
      </font><br><br><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Section 6.8</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">
      </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Amendments</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">. To the
      extent consistent with the provisions of the TVA </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Act, the
      Board of Directors shall have the power to adopt, amend or repeal Bylaws
      of the </font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Corporation.</font></td>
          </tr>
      </table>
    </div>
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