(a) An election shall be held in each improvement district on the Tuesday following the first Monday in November and of each odd-numbered year thereafter for the purpose of electing three directors of such district, except that the first election following the establishment of such district shall be held at a time fixed by the board of county commissioners of the county in which the district is located.
(b) The directors of an improvement district shall serve for terms of two years.
(c) Each director shall:
(1) Own land within the improvement district; or
(2) reside in the improvement district.