A.
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 funds or moneys and any other officer or employee who may be required to do so 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 Township in its corporate name and conditioned upon the sure and faithful performance of his duty. Each officer or employee required by law to give bond shall execute such bond with sufficient surety, which bond shall be held by the Township, and deliver the same to the Township Clerk, except that the Clerk shall deliver his bond to the Chief Financial Officer before he enters upon the discharge of the duties of his 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 may be declared vacant by the Council.
C.
In every case in which any person is required by the laws of the state or by any ordinance of the Township 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 Township. Each such bond shall be approved by the Township 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.