The members of the board shall, before entering upon the discharge of their duties, take and subscribe an oath before any officer authorized to administer oaths in the state, for the faithful performance of duty, and file same with the Secretary of State. The members of the board shall as soon as possible, after their appointment and qualification, meet and shall annually thereafter in the month of January elect from their number a president, and a secretary who shall also be treasurer. The treasurer shall file a bond in the penal sum of Three Thousand Dollars ($3,000.00) with the Secretary of State, such bond to be accepted and approved by the Secretary of State before the treasurer shall enter upon the duties of his office.