bylaws.] As soon as practical after the election, 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 original court proceeding for the formation of the district.

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Upon taking the oath, the board shall choose one of their members chairman of the board and president of the district, and shall elect some suitable person secretary and treasurer of the board, who may, or may not, be a member of the board and shall require of the said secretary and treasurer a bond conditioned for the faithful performance of his duties, in such amount as to the directors may be deemed to be adequate for the protection of the district.

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 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 adopt a set of bylaws not inconsistent with the provisions of this act [73-1-1 to 73-1-13 and 73-1-16 to 73-1-23 N.M. Stat. Ann.] for the conduct of the business and affairs of the district, and, when adopted, the same shall not be altered, amended or repealed except upon three (3) days’ notice to each member of the board, service to be had by personal delivery or by mailing a copy of such notice in a sealed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.