Before entering upon the duties of his or her office, the President shall give a bond with sureties to be approved by the Board of Trustees conditioned upon the faithful performance of his or her duties, in the sum of at least $3,000, or such higher sum as may be directed by the Board of Trustees. He or she shall take the oath of office prescribed by statute and shall receive such compensation as may be provided by the Board of Trustees pursuant to statute.
(`70 Code, § 2-81)