(65 ILCS 5/11-48.3-19) (from Ch. 24, par. 11-48.3-19)
Sec. 11-48.3-19.
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. 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 Authority in whatever penal sum may be directed upon the faithful
performance of the duties of the office and the payment of all money
received by him or her 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 depository for
these funds. The oaths of office and the treasurer's bond shall be filed in
the principal office of the Authority.
(Source: P.A. 86-279.)
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