The Treasurer and Collector shall perform the same duties for said corporation as by law is required of a town treasurer and a collector of town taxes respectively; and shall have the same powers, proceed in the same manner, and be subject to the same liabilities; and shall give bonds to said corporation, conditioned for the faithful performance of their respective duties, with such sureties and in such sums as the Board of Trustees shall direct. And a failure or neglect on the part of either of said officers for more than 20 days after election or appointment to furnish satisfactory bonds, shall create a vacancy in such office.