(A) A volunteer fire fighters' dependents fund board provided for in division (A) of section 146.02 of the Revised Code shall consist of five members chosen as follows:

1. (1) Two members elected by the legislative authority of the political subdivision or fire district;
2. (2) Two members elected by the fire department or the volunteer fire fighters;
3. (3) One member elected by the board members who were elected pursuant to divisions (A)(1) and (2) of this section. This member shall be an elector of the political subdivision or fire district, but not a public employee, a member of the legislative authority, or a member of the fire department.

(B) A volunteer fire fighters' dependents fund board provided for in division (B) of section 146.02 of the Revised Code shall consist of five members chosen as follows:

1. (1) Two members elected by the legislative authority of the political subdivision or fire district with which the private volunteer fire company has its major contract;
2. (2) Two members elected by the private volunteer fire company;
3. (3) One member elected by the board members who were elected pursuant to divisions (B)(1) and (2) of this section. This member shall be an elector of a political subdivision or fire district with which the private volunteer fire company has contracted to afford fire protection, but not a public employee, a member of the legislative authority, or a member of the fire company.