The members of the state board of education in the performance of their functions as the board of regents of the university and their successors in office, shall constitute a body corporate, by the name of the regents of the University of Idaho, and shall possess all the powers necessary or convenient to accomplish the objects and perform the duties prescribed by law, and shall have the custody of the books, records, buildings and other property of said university. The board shall elect a president, secretary and treasurer, who shall perform such duties as shall be prescribed by the by-laws of the board. The secretary shall keep a faithful record of all the transactions of the board and of the executive committee thereof. The treasurer shall perform all the duties of such office, subject to such regulations as the board may adopt, and shall be bonded to the state of Idaho in the time, form and manner prescribed by chapter 8, title 59, Idaho Code.