|(a) Application for initial appointment. Each applicant for appointment as an initial director shall submit the following information to the executive director: (1) an application for appointment, in a form prescribed by the department; (2) a financial statement in conformance with Government Code, §572.023; (3) three letters of reference; and (4) an executed bond, payable to the state in a sum of $5,000, and conditioned on the faithful performance of the director's duties. (b) Ineligible to serve. The following individuals are ineligible to serve as directors: (1) elected public officials; (2) persons who are not residents of a county within the geographic area of the corporation's operations, or resident of a county adjacent to such county or counties; (3) persons owning an interest in real
property which will be acquired by the Corporation or the department for the Corporation's project; and (4) persons ineligible under §15.86(b) of this title (relating to Conflict of Interest). (c) Vacancies. The Board must notify the executive director within 30 days of a vacancy on the Board. If the Board fails to nominate a replacement director within 60 days of a vacancy, the commission will appoint a replacement director in accordance with subsection (d)(2) of this section. (d) Appointment of replacement and additional directors. (1) Board nomination. If nominated by the Board, the commission may appoint replacement or additional directors for a term not to exceed six years. The Board will submit to the commission the information on behalf of the prospective director required under subsection (a) of this section. (2) Commission nomination. The commission may, on its own
motion, appoint replacement or additional directors for a term that does not exceed six years. The prospective director will submit, directly to the executive director, the information required under subsection (a) of this section. (3) Re-appointment. Directors completing their terms are eligible for re-appoinment under this subsection. (4) Publication. After the completed application is received, the executive director have published, or if nominated by the Board, authorize the Board to publish, a notice in a newspaper with general circulation in each county within the corporation's geographic area, at least 20 days before the commission action. The form and content of the notice should include, at a minimum: (A) the names of the proposed replacement or additional directors; (B) a statement that the commission will consider the application for such proposed directors at a future meeting, in accordance
with this section; and (C) a statement that inquiries may be made to the executive director. (5) Publisher's affidavit. If nominated by the Board, the Board shall furnish the executive director with an affidavit of publication. (e) Removal. The commission may remove a director for cause or without cause. (f) Compensation. A director serves without compensation but is entitled to reimbursement from the corporation for expenses incurred in the performance of the director's duties. (g) Retroactivity. Not including the requirements of subsection (b)(2) of this section, all requirements concerning qualifications and eligibility for directors including those of this section and of §15.86 of this title (relating to Conflict of Interest), shall apply to all directors serving prior to the effective date of this subchapter.