In all school districts of the first class or first class A, the school directors shall effect a permanent organization by electing a president and vice-president from their members, and a secretary who is not a member. They shall elect the treasurer of the city constituting all or the greater part of such school district of the first class or first class A as the school treasurer for such school district for the ensuing fiscal year.

The school treasurer of each school district of the first class or first class A may recommend to the board of public education for appointment, a deputy school treasurer. The board of public education shall appoint as deputy school treasurer the candidate recommended by the school treasurer, who, in case of death, resignation, or inability of the school treasurer to act, for any cause whatsoever, shall have the same powers and shall perform the same duties as imposed by law on the school treasurer. In case the school treasurer does not recommend to the board of public education for appointment a deputy school treasurer, the board of public education may elect a deputy school treasurer who shall serve until such time as the school treasurer recommends to the board of public education the appointment of a deputy school treasurer. The salary of the deputy school treasurer shall be fixed by the board of public education. He shall furnish bond in the sum of ten thousand dollars ($10,000).