85-9-401. District directors -- appointment, term of office, vacancies, first meeting, and bond. If a district is organized, the court shall:

(1) establish by court order the number of persons who shall comprise the directors and appoint persons who are electors within the district to membership on the board of directors and fix their compensation. The number may not be less than 3 or more than 11 persons. In fixing the number and making the appointments, the court shall consider the interests and purposes to be served by the district. Upon a verified petition filed by a majority of the directors and for good cause shown, the court may enlarge or reduce the membership of the directors but not to be less than 3 or more than 11.

(2) fix the terms of office so that approximately one-third of the directors first appointed serve for 1 year, approximately one-third serve 2 years, and the remainder serve 3 years. All succeeding terms must be 3 years. Unless excused for good cause, a director who misses three consecutive regular meetings has vacated the position.

(3) fill all vacancies on the board by appointment or reappointment;

(4) specify a date for the first annual meeting of the directors;

(5) specify the amount and form of a corporate surety bond that each member of the directors shall furnish at the expense of the district, conditioned upon the faithful performance of duties as a director.