The commission shall designate one of its members as chairman and may, from time to time, change such designation. A member of the commission shall hold office so long as he retains the office by virtue of which he is serving on the commission. A majority of the commission shall constitute a quorum and the concurrence of a majority shall be required for the determination of any matter within its duties. The members of the commission shall receive no compensation for their services on the commission but shall be entitled to expenses, including traveling expenses, necessarily incurred in the discharge of their duties on the commission. The commission shall provide for the execution of surety bonds for all employees and officers who are entrusted with funds or property. It shall provide for the keeping of a full and accurate record of all proceedings and of all resolutions, regulations, and orders issued or adopted and shall provide for an annual audit of the accounts of receipts and disbursements.