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.