(a) At least three directors appointed by the municipality and at least three directors appointed by the county must:
(1) reside in the authority; or
(2) own property in the authority.
(b) Representatives or agents of a school district whose boundaries overlap with an authority or of an institution of higher education that operates facilities within an authority may serve on the board.
(c) To be qualified to serve as a director appointed by the municipality or the county, a person who does not meet the qualifications of Subsection (a) must be:
(1) an owner of stock, whether beneficial or otherwise, of a corporate owner of property in the authority;
(2) an owner of a beneficial interest in a trust that owns property in the authority; or
(3) an agent, employee, or tenant of a person who:
(A) owns property in the authority; or
(B) is covered by Subdivision (1) or (2).