The members of said board, before entering upon their duties, shall respectively take and subscribe the oath required by other state officers, which shall be filed in the office of the secretary of the commonwealth, who is hereby authorized to administer the same. They shall have power to elect out of their own number a president, secretary and treasurer, and adopt such regulations for the transaction of the business of the board and the management of its affairs as they may deem expedient.
71 P.S. § 1162