The board of directors shall each receive compensation at the rate of five dollars ($5.00) per day while attending meetings, and their actual and necessary expenses while engaged in official business. The salary of the secretary shall not exceed twelve hundred dollars ($1,200) a year. No director or any officer named in this act shall, in any manner, be interested, directly or indirectly, in any contract awarded or to be awarded by the board, or in the profits to be derived therefrom; nor shall such director or officer receive any bonus, gratuity or bribe; and for any violation of this provision any such director or officer shall be deemed guilty of a felony, and upon conviction thereof shall forfeit his office, and be punished by a fine not exceeding five hundred dollars ($500), or by imprisonment in the penitentiary not exceeding five years or less than one year.