In the event of such consolidation as provided in Sections 51-29-145 through 51-29-157, the court or chancellor in vacation immediately shall proceed to name said consolidated district, and to appoint to govern the same a board of commissioners to consist of five members, three of whom shall constitute a quorum for the transaction of business, and who shall possess the same qualifications now required by law for drainage commissioners. Two of such commissioners shall be appointed for a term of two years, two for terms of four years, and one for a term of six years, and all shall serve until their successors are appointed. Upon the expiration of the initial term of any commissioner, his successor shall serve for a term of six years and until his successor is appointed. The commissioners so appointed shall take and subscribe the oath required by law, and enter into bond for the faithful performance of their duties in a penalty to be fixed by the court or chancellor, to be approved by the clerk of said court.
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