Section 49. The board shall annually meet in the month of October at such time and places as it shall determine, and shall organize by electing a chairman and secretary who shall be members of the board and who shall hold their respective offices for a period of one year. The board shall hold additional meetings at such time and places as it shall determine or upon call of the chairman. The secretary of the board shall give the state treasurer a bond with sufficient sureties, to be approved by the governor and council, for the faithful performance of his duties.