QUALIFICATIONS OF INDUSTRY COMMISSION MEMBERS

(a) Four commission members must be individuals who: (1) have five years or more of active experience as a director, officer, or committee member of a credit union that: (A) is organized and doing business in this state under Subtitle D, Title 3, or the Federal Credit Union Act (12 U.S.C. Section 1751 et seq.); and (B) has its principal office in this state; and (2) are engaged in exercising the powers and duties of a director, officer, or committee member of such a credit union. (b) Experience as a commissioner, deputy commissioner, or examiner is equivalent to the experience required by Subsection (a). (c) Not more than one individual from a federal credit union may serve on the commission at any time. (d) An individual who ceases to be engaged in exercising the powers and duties prescribed by this section for a period exceeding 90 days becomes ineligible to serve as a commission member, and the individual's position on the commission becomes vacant.