(1) At the first meeting of the board, one (1) of its members shall be elected as chairman and one (1) member shall be elected as secretary and treasurer.
(2) The board shall fix the time for its regular meetings to be held not less than once every month. Special meetings may be called by the chairman at any time upon two (2) days' notice to all members.
(3) The chairman shall preside at all meetings, and the secretary shall keep a minute book in which shall be inscribed a record of the minutes of all meetings of the board. The book shall be at all times subject to the inspection of any taxpayer.