1. The Board shall elect from among its members a President, a Vice President, a Secretary and a Treasurer. The members may assign the duties of the Treasurer and the Secretary to one person who must be designated the Secretary-Treasurer.
2. The Board shall adopt regulations to carry out the provisions of this chapter.
3. The Board shall not incur any expenses which exceed the money received from time to time as fees provided by law.
4. The Board shall keep and preserve a complete record of all its transactions.
5. The Board may adopt a seal of which any court of this State may take judicial notice.