(a) The powers of each resort area district shall be vested in and exercised by a resort area board which shall be composed of seven members, the composition of which shall be as set forth in subsection (b) of this section. Board members need not be residents of the district or landowners, except where specifically required otherwise. For purposes of this section, “residential, improved real property” includes, but is not limited to, condominium units, townhouses, and single-family residences.
(b) The composition of a resort area board shall be as follows:
(1) Three board members at the time of nomination and as of the day of their election shall be owners of or representatives of owners of residential, improved real property located within the resort area district;