Section 3.03 “System Member” shall mean any person, firm, corporation, partnership or limited partnership engaged in the business of providing television reception or service for the public by means of a duly authorized, licensed, or franchised television system or systems in the State of Texas, except that no entity that is or was an incumbent local exchange telecommunications company in Texas as of January 1, 1996, may be a System Member. However, if a company is acquired by a current System Member of the Association and the Board determines by majority vote that the acquired company’s objectives and purposes are consistent with those of the Association, then the acquired company and the current System Member shall remain eligible to be a member of the Association. All applicants for membership must comply with Article IV of these Bylaws. All cable television systems under common ownership shall be considered one “System Member”. Common ownership shall be evidenced by a System Member having more than 50 percent ownership or control of any Cable Television System(s). No company or system owned or controlled by a governmental entity shall be eligible to be a System Member.