There is hereby created a department of government to be known as the Department of Aeronautics. The chief administrative officer of the department shall be the director, to be known as the Director of Aeronautics. He shall be appointed by the Governor, subject to confirmation by the Legislature, with due regard to his fitness through aeronautical education and by knowledge of and recent practical experience in aeronautics. The director shall devote full time to the performance of his official duties and shall not have any pecuniary interest in, stock in or bonds of any civil aeronautics enterprise. He shall, before assuming the duties of his office, take and subscribe an oath, such as is required by state officers. The director shall be bonded by the blanket surety bond required by section 11-201. The director shall receive such compensation as the Governor, with the approval of the commission, shall determine, subject to the provisions of the legislative appropriations bill.