(1) Each director, before entering upon his official duties, shall take and subscribe to an oath before the county clerk that he will honestly, faithfully and impartially perform the duties of his office and that he will not be interested directly or indirectly in any contract let for the purpose of carrying out any of the provisions of this chapter. Said oath shall be filed among the minutes of the road district and noted on the minutes of the county judge/executive.
(2) Each director shall give a good and sufficient bond in an amount to be fixed by order entered by the county judge/executive, said bond to be approved of by the county judge/executive and to provide for the faithful performance of his duties and as security for all moneys coming into his hands. The cost of such bonds shall be borne by the road district.