Section 23. The board shall meet on the first Tuesday of December in each year at such time and place as it may determine, and shall organize by electing a president and secretary, who shall be members of the board, and shall hold their offices for one year. 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 official duties. The board shall annually hold regular meetings on the first Tuesdays of January, May and October, and additional meetings at such times and places as it shall determine.