(1) The fencing board shall appoint the collector and treasurer of the district, who shall take the oath of office required by § 14-386-105.
(2) The collector and treasurer shall execute bond to the chairman of the board, each in a sum at least equal to twice the amount of moneys which will probably come to their hands, with good and sufficient security, to be approved by the board, conditioned that: They will faithfully discharge the duties of their office; and
(3) They will account for and pay over all moneys that may come to their hands according to law and the order of the board for the district for which they were appointed.
(4) The same person may be treasurer or collector of one (1) or more districts of the county, but the moneys of the different districts shall be kept separately.
(5) The collector shall pay over to the treasurer on the first of each month all moneys received by him, deducting from them three percent (3%) for his services, and shall take duplicate receipts for them, one (1) of which he shall file with the board.
(6) The treasurer shall pay out no moneys save upon the order of the board and upon a warrant signed by the chairman of it.
(7) The treasurer shall be allowed a commission of one percent (1%) on all sums by him lawfully paid out.