(a) (1) A corporation shall have a board of directors that consists of at least five individuals with an interest in or knowledge of the needs of children and their families.
(2) Of the members of the board of directors:
(i) at least one shall be a resident of the State;
(ii) at least one shall have demonstrated experience in or knowledge of the field of human services; and
(iii) at least one shall have demonstrated knowledge in the fields of accounting, business, or financial management.
(3) (i) An employee, or an immediate family member of an employee, of a corporation or residential child care program may not serve on the corporation’s board of directors.
(ii) A person who is compensated by a corporation for providing goods or services may not serve on the corporation’s board of directors.
(b) A corporation shall have a chief financial officer.