Section 30. The board shall hold regular meetings on the first Tuesday of each month, and such additional meetings at such times and places as it may determine. At the regular meeting in October, it shall organize by the choice of a chairman and secretary, who shall be members thereof, and shall hold such offices for one year. The secretary shall give to the state treasurer a bond, with such sureties as shall be approved by the governor and council, for the faithful discharge of his duties.