(a) Each water authority shall continuously maintain in this state:
(1) A registered office with the same address, which must include a street address, as that of the registered agent; and
(2) A registered agent, who is an individual residing in this state and whose office is identical with the registered office.
(b) A water authority may change its registered office or registered agent by delivering to the Arkansas Natural Resources Commission and the Secretary of State for filing a statement of change that sets forth:
(1) The name of the water authority;
(2) The street address of its current registered office;
(3) If the current registered office is to be changed, the street address of the new registered office;
(4) The name of its current registered agent; and
(5) If the current registered agent is to be changed, the name of the new registered agent.