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