(70 ILCS 1820/20) (from Ch. 19, par. 870)
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.)
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