(A) There is hereby established the volunteer peace officers dependents fund. Each county, municipal corporation, township, township police district, and joint police district with a police or sheriff's department that employs volunteer peace officers is a member of the volunteer peace officers' dependents fund and shall establish a volunteer peace officers' dependents fund board. Each board shall consist of the following board members:
(1) Two board members, elected by the legislative authority of the fund member that maintains the police or sheriff's department;(2) Two board members, elected by the volunteer peace officers of the police or sheriff's department;(3) One board member, elected by the board members elected pursuant to divisions (A)(1) and (2) of this section. The board member must be an elector of the fund member in which the police or sheriff's department is located, but not a public employee, member of the legislative authority, or peace officer of that police or sheriff's department.