A. The executive officer and any employee of the board who handles money or who certifies the receipt or disbursal of money received by the board, shall, within thirty days after election or employment by the board, execute a bond in a penal sum to be set by the board, conditioned on the faithful performance of the duties of the office and on accounting for all funds coming into his hands. The bonds shall be signed by a surety company authorized to do business in this state and shall be in such form as to meet the approval of the board.
B. Members of the board may be reimbursed as provided in the Per Diem and Mileage Act [ 10-8-1 to 10-8-8 NMSA 1978], but shall receive no other compensation, perquisite or allowance.