(20 ILCS 3990/8) (from Ch. 48, par. 2608)
Sec. 8.
Oath of Office; Bond.
Before entering upon the duties of their
respective offices, the Chairman, Secretary, Treasurer and Executive
Director shall take and subscribe to the constitutional oath of office, and
the Alliance shall execute a bond on behalf of the Treasurer with corporate
sureties to be approved
by the Alliance. The bond shall be payable to the Alliance in whatever
penal sum may be directed by the Alliance conditioned upon the faithful
performance of the duties of the office and the payment of all money
received by him according to law and the orders of the Alliance. The
Alliance may, at any time, require a new bond to be executed with respect
to the Treasurer in such
penal sum as may then be determined by the Alliance.
The obligation of the sureties shall not extend to any loss sustained by
the insolvency, failure or closing of any State or federally chartered
financial institution wherein the Treasurer has deposited funds if the
financial institution
has been approved by the Alliance as a
depository for these funds.
The oaths of office and the Treasurer's bond
shall be filed in the principal office of the Alliance.
(Source: P.A. 86-1015.)
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