§ 2. Board of commissioners [—Generally].

The business and affairs of the district shall be conducted and administered by a board of five (5) commissioners, who shall be qualified electors residing in the district. Said commissioners, upon their appointment or election and qualification as provided in Section 3 and annually in January, shall organize by electing from their number a chairman and a vice-chairman. The commissioners shall not receive any compensation for their services. Each commissioner shall, before he enters upon his duties as such commissioner, execute to the governor for the benefit of the district, a good and sufficient bond in the sum of one hundred dollars ($100.00) with a qualified corporate surety conditioned to faithfully to perform the duties of such commissioner and to account for all funds to come into his hands as such commissioner. All premiums for such surety on all such bonds shall be paid from the funds of the district.