Upon taking the oath, the members of the board shall choose one of their number chairman of the board and president of the district and elect some suitable person secretary of the board and of the district, who may or may not be a member of the board. Such board shall adopt a seal and keep in a well-bound book a record of all of its proceedings, minutes of all meetings, certificates, contracts, bonds given by employees and all corporate acts which shall be open to the inspection of all owners of property in the district, as well as to all other interested parties.