(a) Not later than the 15th day after the date of appointment, a director shall qualify by:
(1) taking the constitutional oath of office; and
(2) filing a good and sufficient bond with the secretary of state and obtaining the secretary of state’s approval on the bond.
(b) The bond must be:
(1) in the amount of $5,000;
(2) payable to the authority; and
(3) conditioned on the faithful performance of duties as a director.