(a) Every receiver of taxes, city treasurer, or other authority in a school district of the first class, who is by the provisions of this act authorized to collect or receive the school taxes therein, shall, before entering upon the duties of his office as collector or receiver of school taxes, furnish to the school district a bond, in such amount and with such surety or sureties as the board of public education may approve, conditioned upon the faithful performance of his duty in the office of such collector or receiver. The cost of such bond shall be paid by the school district.

(b) In lieu of furnishing such a bond, each such receiver of taxes, city treasurer, or other authority, may file his¹ own collateral bond, in such amount as may be required by the board of public education, secured by an actual deposit with the board of public education, 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 receiver or collector of taxes. 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 public education, at the amount provided herein. The board of public education may permit the receiver or collector of taxes 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.²

(c) In case any receiver of taxes, or city treasurer elected as receiver of taxes or as school treasurer in a school district of the first class, shall refuse or neglect to furnish a proper bond with the proper sureties or securities, as herein provided, after his election, then, in that case, the board of public education may elect any other proper person as receiver of school taxes or school treasurer.