(70 ILCS 210/19) (from Ch. 85, par. 1239)
Sec. 19.
The Board shall appoint a secretary-treasurer, who need not
be a member of the board, to hold office during the pleasure of the Board,
and fix his duties and compensation. Before entering upon the
duties of the office he shall take and subscribe the constitutional
oath of office, and 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 to the office and the payment of all money
received by him according to law and the orders of the Board. The Board
may, at any time, require a new bond from the secretary-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 secretary-treasurer has deposited
funds if the bank or savings and loan association has been approved
by the Board as a depositary for these
funds. The oath of office and the secretary-treasurer's bond shall
be filed in the principal office of the Authority.
(Source: P.A. 86-17.)
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