In general, Texas law does not contain any specific requirements for someone to be eligible to serve on the Board of Directors. See Form 202 (Word 152kb, PDF 142kb).Texas law requires property owners' associations to hold at least one annual meeting of their members. (a) The first Board of Directors of the Corporation shall consist of those persons named in the Certificate of Formation. Yes. Certificates of formation can be filed online through SOSDirect 24 hours a day, 7 days a week. Each director then serves a 2 or 3-year term. Ex officio members of the board have all the same rights, privileges, duties and obligations as any other board member. The Board of Directors of Capital Farm Credit, ACA (CFC) invites you to attend the 2024 Annual Meeting of.