Every officer or employee of the Township who, by virtue of his office or position, is entrusted with the receipt, custody or expenditure of public moneys or funds and any other officer or employee who may be required so to do by the Council shall, before entering upon the duties of his office or position, execute and deliver a surety bond in such amount as may be fixed by resolution of the Council, binding him to the municipality in its corporate name and conditioned upon the true and faithful performance of his duty. Each officer or employee required by law to give bond shall execute such a bond with sufficient surety and deliver the same to the Township Clerk, except that the Clerk shall deliver his bond to the Treasurer, before he enters upon the discharge of the duties of his office or employment.