All boards, officers, agents and employees accepting money for the credit of the City shall be held personally liable for any and all loss sustained by the City through the acceptance of all checks, drafts and other media of exchange if, in the acceptance thereof, ordinary care and diligence were not exercised, and shall be further personally liable for any and all loss which the City may suffer arising from the unlawful withholding from daily deposits of all cash, checks, drafts and other media of exchange.
(1952 Code § 5-2-3)