Section 11. Said board shall hold regular meetings on the second Tuesdays of March, July and November in each year, and additional meetings at such times and places as it may determine. At the regular meeting in July, it shall organize by the choice of a chairman and secretary, who shall hold their offices for one year. The secretary shall give bond to the state treasurer in the sum of five thousand dollars, with sufficient sureties to be approved by the governor and council, for the faithful performance of his official duties. There shall be paid by the commonwealth to the secretary of the board a salary of fifty-six hundred and twenty-five dollars, to the chairman of the board a salary of twelve hundred and fifty dollars and to each of the other members thereof a salary of one thousand dollars, and to each member thereof his necessary traveling expenses actually incurred in attending the meetings of the board.