The fire chief and firemen of the fire department shall hold a meeting for the election of a treasurer and such other officers as may be necessary for the proper organization of said department. Such election shall be held on the fourth Monday in May of each year and said treasurer and other elective officers shall hold office for a term of one year and until their successors are elected and qualified. The treasurer of such fire department shall give a bond in the sum of five hundred dollars ($500.00), payable to the village and conditioned for the faithful performance of his duties as such treasurer, which said bond shall be approved by the president and the board of trustees. (Ord. 94, 7-20-1938)