The secretary of the board shall receive and account for all moneys derived under the provisions of this chapter and shall deposit and disburse the same in accordance with section 54-44-12. The secretary shall give a surety bond to the state in such sum as may be required by    the laws of this state. The premium on said bond must be regarded as a proper and necessary expense of the board. The secretary shall receive such salary as the board shall determine. Under no circumstances may the total amount of warrants issued in payment of the expenses and compensation provided for in this chapter exceed the amount of moneys collected.