Section 148. At the first meeting of the said trustees, and at each annual meeting thereafter, they shall elect from their number a chairman, vice chairman, treasurer and a secretary who shall perform such duties as the trustees shall prescribe. The treasurer shall give a surety company bond in such amount as the trustees shall fix, and the premium thereon shall be paid as an expense of the area. Each trustee shall be entitled to one vote on all matters calling for the determination of the board. The trustees shall hold such meetings and transact such business as may be necessary for the efficient operation of the transportation area. A majority of the board shall constitute a quorum for the transaction of business and the action of a majority of those present at any meeting shall be deemed the action of the trustees. The trustees shall annually, before February first, report, with a detailed statement of the finances of the area, to the several cities and towns of the area, and the treasurer shall, once in every three months, make a financial report to said cities and towns in such form as the trustees prescribe.