Upon the issuance of the proclamation by the governor, authorizing them so to do, and its recordation in the office of the secretary of state, the projectors shall meet and organize, and elect a board of directors of such number as they may see fit. The board, when elected, may select a president and such other officers and agents as it may deem expedient, fix their duties and compensation, and adopt by-laws.Codes, 1892, § 3575; 1906, § 4076; Hemingway's 1917, § 6705; 1930, § 6069; 1942, § 7720; Laws, 1938, ch. 347.