A. The directors of a district organized under the provisions of this chapter, on the first Tuesday after their election and after they have qualified, shall meet and classify themselves by lot into two classes as nearly equal in number as possible. The term of office of the class having the greater number shall expire at the next regular October election, and the term of office for the class having the lesser number shall terminate at the second regular October election thereafter.

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B. After such classification, the directors shall organize as a board, shall elect a president from their number, and appoint a secretary and treasurer, who shall each hold office during the pleasure of the board. The salaries of the president, the secretary and the treasurer, and the amount of the bond to be given by each for the faithful performance of his duties, shall be fixed by the board of directors.