The members of the board of directors other than the president shall receive compensation at the rate of not to exceed five dollars [($5.00)] per day while attending meetings or otherwise necessarily employed in the discharge of their duties and their actual and necessary traveling expenses while engaged in official business. The president of said board shall receive as compensation not to exceed one hundred and fifty dollars [($150)] per annum for each ten thousand acres of land or major fraction thereof included within the district, said compensation to be set by the board of directors, and his actual and necessary traveling expenses while engaged in official business. No director or officer named in this act shall in any manner, be interested, directly or indirectly, in any contract awarded or to be awarded by the board, or in the profits to be derived therefrom; nor shall receive any bonus, gratuity or bribe, and for any violation of this provision such officer shall be deemed guilty of a felony, and such conviction shall work a forfeiture of his office, and he shall be punished by a fine not exceeding five hundred dollars [($500)], or by imprisonment in the penitentiary not exceeding five years.