A. Immediately after their appointment the directors shall meet for the purpose of organizing the board of directors. Each director before entering upon his official duties shall take and subscribe to an oath before an officer authorized to administer oaths, that he will honestly, faithfully and impartially perform the duties of his office, and that he will not be interested directly or indirectly in any contract let by said district, which said oath shall be filed in the office of the clerk.

B. Upon taking the oath, the board shall choose one of their member [members] chairman of the board and president of the district, and shall elect some suitable person secretary of the board, who may or may not be a member of the board.

C. Such board shall adopt a seal, and shall keep in a well-bound book a record of all its proceedings, minutes of all meetings, certificates, contracts, bonds given by employes [employees] and all corporate acts, which shall be open to the inspection of all owners of property in the district, as well as to all other interested parties. It shall have power to make and adopt rules and regulations, not inconsistent with the provisions of this act, for the conduct of the business and affairs of the district, and when adopted, no rule or regulation shall be altered, amended or repealed except upon three (3) days’ notice to each member of the board, service to be had by a personal delivery or by mailing a copy of such notice in a sealed envelope, postage fully prepaid, to the address of the director to be served, or at a regular or called meeting at which all directors are present.