The members of said Board shall respectively take and subscribe the oath required by other State officers. They shall have power to elect out of their number a president, secretary and treasurer, to adopt such rules and bylaws for the transaction of business of the Board as they may deem expedient. P.L.L., 1915, §663B 1927, §663B 1930, §663B 1938, §780 1949, §480 1969, §3-2 1906, ch. 244, sec. 2