(a) (1) (A) Within thirty (30) days after their appointment, the commissioners shall take and file with the clerk their oath of office, in which they shall swear to support the Constitution of the United States and the Constitution of the State of Arkansas, to discharge faithfully their duties as commissioners, and to not be interested, directly or indirectly, in any contract let by the board except upon the approval of all the owners of real property located in the district.

(B) Any commissioner failing to file the oath within this period shall be deemed to have declined the office, and the governing body shall appoint some property owner as his successor, who shall qualify in like manner within a like time.

(2)

(A) In case of a vacancy on the board after the commissioners have organized, except as set forth in § 14-94-108, the remaining commissioners shall select some property owner in the district or creditors of the district as a successor; provided, however, if all improvements in the district have been completed, then the governing body shall select the successor.

(B) The person so selected shall qualify by taking the oath of office as prescribed for the original commissioners.

(b) (1) (A) The board shall organize by electing one (1) of its members as chairman and another as secretary.

(B) It may also employ such agents, servants, engineers, and attorneys as it deems best and fix their compensation and the compensation of the secretary.

(2) The board shall also select some solvent bank or trust company as the depository of its funds.

(c) In addition to and not by way of limitation of the above powers, the board shall have the power to:

(1) Make and execute all contracts, leases, conveyances, and other instruments of the district;

(2) Join with any county, municipality, improvement district, or other political subdivision or government agency, local, state, or federal, in the acquisition, construction, maintenance, operation, and financing of any of the improvements authorized by this chapter or as to the performance of any of its functions;

(3) Establish rules and regulations for the transaction of the district's business and for the services, use, and right to use of its facilities or services, or both, or to effectuate any purpose of this chapter;

(4) Do all things incidental to the exercise of the express powers granted by this chapter; and

(5) Perform all acts useful to carry out the purposes of this chapter, unlimited by any express provision hereof.

(d) No member of the board shall be liable for any damages unless it shall be made to appear that he acted with a corrupt intent.