A.
Each officer or employee of the Borough 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 so required by the Mayor and 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 the Mayor and Council, binding him to the Borough 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 bond with sufficient surety and deliver the same to the Borough Clerk, except that the Clerk shall deliver his bond to the Borough Treasurer, before he enters upon the discharge of his duties of the office or employment.
B.
If any officer or employee shall neglect to execute and deliver his bond as herein required within 30 days after due notification of his election or appointment, his office or position may be declared vacant.
C.
In each case in which any person is required by the laws of the state or by any ordinance of the Borough to give a bond for the faithful performance of his duties, such bond shall be secured by a corporate surety authorized to do business in this state, and the premium therefor shall be paid by the Borough. Each such bond shall be approved by the Borough Attorney as to form and sufficiency, and nothing in this section shall be construed to prevent the use of one or more blanket bonds when so approved.