(a) During the month of July, 1971, each intermediate unit board of directors shall elect a president and a vice president from among its members, a secretary and a treasurer, who need not be members. The treasurer may be any corporation duly qualified and legally authorized to transact a fiduciary business in the Commonwealth.

(b) Before entering upon his duties, the treasurer shall furnish a bond in an amount and with surety or sureties as the intermediate unit board of directors shall approve, conditioned upon the faithful performance of his duties. The cost of the bond shall be paid out the funds of the intermediate unit. No bond shall be required where a bank or trust company serves as treasurer.

(c) Not later than January 15, 1971, each intermediate unit planning committee shall elect officers in the manner provided herein, to serve until the election of officers in July, 1971.