(1) The board of directors is the governing body of the resort area district and is composed of five members, to be elected as provided in 7-6-1544.
(2) To qualify for the board of directors, a person must be a resident of the resort area district.
(3) Directors shall serve for a term of 4 years from the date of their election, except, of the directors elected at the first election, three directors shall serve for a term of 2 years and two shall serve for a term of 4 years.
(4) At the first meeting of the board, the directors shall determine by lot which of them shall serve the terms of less than 4 years. Each succeeding term is 4 years.