(70 ILCS 1860/20) (from Ch. 19, par. 303)
Sec. 20.
The Board shall appoint a secretary and a treasurer, who need not
be members of the Board, to hold office during the pleasure of the Board,
and fix their duties and compensation. The secretary and treasurer shall be
residents of the District. Before entering upon the duties of their
respective offices they shall take and subscribe the constitutional oath of
office, and the treasurer shall execute a bond with corporate sureties to
be approved by the Board. The bond shall be payable to the District in
whatever penal sum may be directed by the Board conditioned upon the
faithful performance of the duties of the office and the payment of all
money received by him according to law and the orders of the Board. The
Board may, at any time, require a new bond from the treasurer in such penal
sum as may then be determined by the Board. The obligation of the sureties
shall not extend to any loss sustained by the insolvency, failure or
closing of any savings and loan association or national or State bank
wherein the treasurer has deposited
funds if the bank or savings and loan association has been approved
by the Board as a depositary for these
funds. The oaths of office and the treasurer's bond shall be filed in the
principal office of the District.
(Source: P.A. 83-541.)
|