(a) An isolated school district shall be governed by a board of directors that consists of five (5) members who live within the boundaries of the isolated school district.
(b) The members of an isolated school district board of directors shall be elected by eligible voters residing within the boundaries of the isolated school district.
(c) Each member of an isolated school district board of directors shall initially draw lots for two-year or four-year terms in isolated school districts with four-year terms or two-year, four-year, or six-year terms in isolated school districts with six-year terms so that, as nearly as possible, an equal number of positions are filled in each subsequent election for an isolated school board in no longer than:(1) Two (2) isolated school board elections for those with four-year terms; or(2) Three (3) isolated school board elections for those with six-year terms.
(1) Two (2) isolated school board elections for those with four-year terms; or
(2) Three (3) isolated school board elections for those with six-year terms.