(a) Each racing commissioner shall take the same constitutional oath of office as any other county officer, and shall give bond payable to Macon County in the amount of twenty-five thousand dollars ($25,000) conditioned that such commissioner shall faithfully and properly perform the duties of such office. The premium on such bond shall be paid by the racing commission. The racing commission may employ such assistants and employees as may be necessary who shall be paid out of the funds collected by the racing commission.
(b) A member of the racing commission shall not be an officer, director, or employee of any licensee or have any financial interest in any race track or race meeting licensed by the racing commission and shall not own or race greyhound dogs in any race meeting licensed by the racing commission.
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