(a) In this section, “Texas trade association” means a cooperative and voluntarily joined association of business or professional competitors in this state designed to assist its members and its industry or profession in dealing with mutual business or professional problems and in promoting their common interest.
(b) A person may not be a member of the board and may not be a board employee employed in a “bona fide executive, administrative, or professional capacity,” as that phrase is used for purposes of establishing an exemption to the overtime provisions of the federal Fair Labor Standards Act of 1938 (29 U.S.C. § 201 et seq.), and its subsequent amendments, if:
(1) the person is an officer, employee, or paid consultant of a Texas trade association in the field of water planning or water financing; or
(2) the person’s spouse is an officer, employee, or paid consultant of a Texas trade association in the field of water planning or water financing.