When the chancery court or chancellor in vacation has established such district, he shall appoint three (3) owners of real property within the district to act as commissioners; and such persons, when so appointed, and their successors in office shall constitute, and are hereby declared to be, a body politic and corporate by the name and style selected as mentioned in this chapter, by the court or chancellor. Each of these commissioners shall take the oath of office as required by Section 268, Article 14 of the Constitution of the state, and shall also swear that he will not, directly or indirectly, be interested in any contract made by the board of commissioners save and except insofar as he may be benefited as a landowner, in common with other landowners, by the work contracted for, and that he will well and truly assess all benefits resulting from said improvements, and all damages caused thereby. Any commissioner failing to take oath within thirty (30) days after his appointment and to give bond in the sum of not less than one thousand dollars ($1,000.00), to be fixed by the court or chancellor, shall be deemed to have declined to act as commissioner, and his place shall be filled by the court or chancellor. Provided, however, where revenue for a drainage district is less than one thousand dollars ($ 1,000.00) per year from taxes or other sources, the chancellor, in his discretion, may reduce the bond to any amount he may deem sufficient.

All vacancies on the board shall be filled by the chancery court, or the chancellor in vacation, of the county; but, if a majority in number of the owners of real property in the district shall petition for the appointment of particular persons as commissioners, it shall be the duty of the court or chancellor to appoint the persons so designated. In the same manner, the commissioners shall be appointed at the expiration of the term of said commissioners. A majority of the commissioners shall constitute a quorum. The chancery court, or chancellor in vacation, shall remove any member of the board of commissioners, on the petition of the majority of the owners of land in the district, who shall own a majority of the acreage therein.