Section 17. The board shall annually meet in the month of October at such time and place as it shall determine, and shall organize by electing a chairman and secretary, who shall be members of the board, and who shall hold their respective offices for one year. The board shall hold additional meetings at such times and places as it shall determine, or upon call of the chairman. The secretary shall give to the state treasurer a bond, with sufficient sureties to be approved by the governor and council, for the faithful performance of his duties.