The board of trustees shall require its treasurer to give such bond as it deems sufficient to protect said institution against loss of any funds which may come into his hands as such treasurer, conditioned for the safekeeping and faithful disbursement thereof. The treasurer of said board shall not pay out any of the funds which shall come into his hands as treasurer, except upon the order of the president of said board countersigned by the secretary thereof.
Source: L. 1883: p. 275, § 3. G.S. § 3112. R.S. 08: § 6029. C.L. § 8051. CSA: C. 145, §
18. CRS 53: § 124-9-17. C.R.S. 1963: § 124-9-10.