Each Trustee shall within ten days after his or her appointment qualify by taking the oath of civil officers. The Board shall at its first regular meeting in January of each year, organize by the election of one of its members as Chairperson, one or more of its members as a Vice Chairperson, one as Secretary and one as Treasurer. No bond shall be required by any member except the Treasurer, who before entering upon his or her duties shall give a good and sufficient corporate surety bond, to be executed by a responsible bonding company authorized to do business in Kansas, the bond to be approved by the governing Board of the city in the sum of $10,000. Such bond shall be filed in the office of the City Clerk. The cost of the surety bond shall be paid for from the funds of the Wamego City Hospital. (K.S.A. 14-605)