The board consists of three members appointed by the governor. Each member shall hold a current license issued by the board. The members must be appointed for three years, staggered so that the term of one member expires as of July first of each year. Each member shall hold office until that member’s successor is appointed and qualified. In July of each year the board shall meet and shall elect one member as president, one member as vice president, and one member as secretary-treasurer. The secretary-treasurer must be bonded in the sum of one thousand dollars for the faithful discharge of the secretary-treasurer’s duties. The board may employ, and set the compensation of, employees to assist the board in the performance of the board’s duties. The board shall hold meetings as determined necessary by the board to discharge its duties. Board members are entitled to receive compensation in an amount provided by law for state officials and employees when performing the official duties of the board.