(a) Every person appointed collector of school taxes in any school district of the second, third, or fourth class, before receiving his tax duplicate, shall furnish to the school district a proper bond, in an amount to be fixed by the board of school directors, with such surety or sureties as it may approve, conditioned upon the faithful performance of his duties as such tax collector.

(b) In lieu of furnishing such a bond, the tax collector may file his own collateral bond, in such amount as may be required by the board of school directors, secured by an actual deposit with the board of school directors, or with any bank or trust company within the Commonwealth which may be agreed upon, of any of the securities which depositories may use to secure the deposit of school funds as herein provided. The total market value of the securities, thus deposited, shall equal the amount of the collateral bond. Such collateral bond shall be conditioned upon the faithful performance of his duties as tax collector. The securities, thus deposited, shall constitute a trust fund to be available for the satisfaction of any liability accruing upon the collateral bond. The securities shall be accompanied by a proper assignment or power of attorney for their transfer. Such trust deposit, in the event of any depreciation in its value, shall be maintained, upon request in writing of the board of school directors, at the amount provided herein. The board of school directors may permit the tax collector to substitute for any one or more bonds or obligations included in any such securities other bonds or obligations, that meet the requirements of this act.

(c) In school districts of the second class, the board of school directors may in lieu of a surety bond accept a fidelity bond, conditioned upon the accounting for and payment over of all moneys received by him as taxes and the accounting for all tax items contained in his duplicate which remain uncollected. The tax collector and his sureties shall be discharged from further liability on any bond as soon as all tax items contained in the duplicate are either: (1) collected and paid over or, (2) certified to the board of school directors for entry as liens in the office of the prothonotary, or (3) returned to the county commissioners for sale, or (4) the tax collector is exonerated from the collection thereof.

(d) In case any person appointed tax collector shall fail to furnish a proper bond, with the proper sureties or securities, within fifteen days after his appointment, or notice so to do, then, in any such case, the board of school directors shall appoint another suitable person as collector of the school taxes in said district in his place and stead, who, upon giving the proper bond, with the proper sureties or securities, shall be the duly authorized person to collect the school taxes in said district for the ensuing school year.