Except for the first board, each board shall meet on the first business day next following the first day of the month that the term of office begins for members elected in the immediately preceding election, at the office of the board within the authority. Each member of the board, before entering upon the member’s official duties, shall take and subscribe on oath that the member will support the constitution of the United States and the constitution and laws of New Mexico and that the member will faithfully and impartially discharge the duties of the office to the best of the member’s ability, which oath shall be filed in the office of the secretary of state. Each director shall, before entering upon the director’s official duties, give a bond to the authority in the sum of ten thousand dollars ($10,000) with good and sufficient surety, conditioned for the faithful performance of all of the duties of the director’s office, without fraud, deceit or oppression, and the accounting for all money and property coming into the director’s hands and the prompt and faithful payment of all money and the delivering of all property coming into the director’s custody or control belonging to the authority to the director’s successors in office. Premiums on all bonds provided for in this section shall be paid by the authority, and all such bonds shall be kept on file in the office of the secretary of state.