The board shall meet annually and as often as may be deemed necessary to transact its business. It shall elect from its members a president and a vice - president and may elect a secretary and treasurer. Source: SDC 1939, § 27.0901; SL 1947, ch 123 , § 3; SL 1955, ch 91 , § 3; SDC Supp 1960, § 27.0903 (3); SL 1967, ch 101 , § 3 (3); SL 1976, ch 228 , § 13.