The Treasurer and Collector shall perform the same duties for said corporation as by law required of a town treasurer and a collector of town taxes respectively; and shall have the same powers, proceed in the same manner, 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 sum as the trustees or a majority of them shall direct. And a failure or neglect on the part of either of said officers for more than 10 days after request in writing by the trustees to furnish the satisfactory bonds shall create a vacancy in such office. (Added 1892, No 114, § 13.)