On the date a director’s term of office is to begin, at the meeting of the irrigation district’s board of directors as provided in section 43-201(2), Idaho Code, the person that has been elected shall: (1) take and subscribe the official oath required by section 59-401, Idaho Code, in which the person shall verify that he or she meets the qualification requirements of section 43-111, Idaho Code; (2) be presented a certificate of election; (3) execute a bond if one (1) is hereinafter required; and (4) assume the duties of the office of director. The incumbent director’s term of office shall be terminated upon the next director’s assumption of office as provided in this section. Each director shall file the same in the office of the board of directors, and execute the bond hereinafter provided for. Each member of said board of directors shall execute an official bond in the sum of not less than five hundred dollars ($500) nor more than five thousand dollars ($5,000), the amount to be determined and approved by the judge of the probate court of said county where such organization was effected and shall be recorded in the office of the county recorder thereof and filed with the secretary of said board. All official bonds provided for in this title shall be in the form prescribed by law for the official bond of county officers. If the district obtains a surety bond, blanket surety bond or crime insurance coverage pursuant to the applicable provisions of chapter 8, title 59, Idaho Code, the directors shall not be required to post a bond under the provisions of this section.