No member of such board of directors shall be paid nor receive any salary, compensation, nor emolument for his services in connection with such agricultural and industrial exposition and fair. The secretary shall be paid a salary to be fixed by the board of directors to be paid in equal monthly installments. Said secretary shall give a surety bond in an amount to be fixed by said board of directors and to be approved by the said board payable to such county and conditioned for the faithful performance of his duties. The premium for said bond shall be paid by the board of directors out of the free fair funds.

Laws 1947, SB 104, p. 4, § 7.