Section 17
SEC. 17. Every municipal officer charged with the custody of municipal funds shall, before entering upon the duties of his office, execute a bond to the municipality with two or more sureties, the amount of which bond and the sufficiency of which sureties shall be approved by the president, and by the provincial treasurer, in writing, indorsed thereon, and by the municipal council by a recorded vote. A copy of the bond and the approval of the same shall be spread upon the minutes of the council. The bond shall be fixed at a penal sum of not less than half of the amount of the aggregate revenue which will probably come into the custody of such municipal officer during the current year and shall be conditioned for the faithful performance of the duties of the office and the payment as required by law of all moneys received by such officer for and in behalf of the municipality. The bond shall be filed in the office of the municipal secretary, who shall carefully preserve the same. Should suit be brought on this bond, it shall be no defense to those signing the bond that the above requirements for approval have not been complied with, if in fact, by virtue of such bond, the municipal officer had entered upon the discharge of his official duties.