If the chancery court determines that any objections filed are not sufficient to defeat the organization of the district, and if it be determined by the chancery court to proceed with the organization of the proposed district, the chancery court shall enter an order appointing at least five commissioners who, as the board of commissioners of said master water management district, shall be its governing body. Each of said commissioners shall be a qualified elector of this state and a landowner in the territory proposed to be included in said district, and there shall be at least one such commissioner who is a landowner within each drainage district or water management district having territory in such master water management district and at least one who is a landowner within the territory to be included in such master water management district which is not within an existing drainage or water management district.

The term of office of commissioners of a master water management district shall be four years, except that in making the first appointments the chancery court shall appoint at least three commissioners for terms of one, two, and three years respectively, in order that the terms of all commissioners shall not expire at once; and each commissioner shall serve for the term for which he is appointed and until his successor has been appointed and has qualified. Subsequent appointments and appointments to fill vacancies in office shall be made by the chancery court in the court district of original jurisdiction in the creation of the master water management district. If a majority of the landowners in any such district or proposed district by number petition the court for the appointment of any particular qualified person, such person shall be appointed by the court, provided the requirements of the first paragraph of this section are fulfilled.

The commissioners shall take the oath of office required by section 268 of article 14 of the constitution of the state and shall give bond in the penalty of not less than five thousand dollars ($5,000.00) payable to the state for the use and benefit of the master water management district, such bond to be filed with and approved by the chancery clerk of the county in which the petition was filed. The commissioners shall immediately organize and select one of their number as president and another of their number as secretary for a term not to exceed four years. Commissioners shall receive compensation for their services at the rate of twelve dollars and fifty cents ($12.50) per diem provided for commissioners of drainage districts for time spent on the work of the board, in addition to their actual expenses, including traveling expenses, necessarily incurred in the discharge of their duties.