(a) Within thirty (30) days after their appointment, the commissioners shall take and file their oaths of office with the county clerk, in which they shall swear to support the Constitution of the United States and the Constitution of the State of Arkansas, to faithfully discharge their duties as commissioners and that they will not be interested, directly or indirectly, in any contract let by the board. Any commissioner failing to file the oath within the period shall be deemed to have declined the office, and the county court shall appoint some resident property holder as his successor who shall qualify in like manner within a like time.
(b) The board shall organize by electing one (1) of its members chairman, and it shall select a secretary.
(c) The board may also employ such personnel as it deems best and fix their compensation.
(d) Each improvement district shall be a body corporate, with power to sue and be sued, and it shall have a corporate seal.
(e) The board shall also select some solvent bank or trust company as the depository of its funds, exacting of the depository a bond in an amount equal to the amount of money likely to come into its hands.