Before entering upon the duties of his office, the President shall give a bond with sureties to be approved by the Board of Trustees conditioned upon the faithful performance of his duties in the amount prescribed by state statute, and the cost of the official bond shall be paid by the village. He shall take the oath of office prescribed by statute, and shall receive such compensation as may be set from time to time by the Board of Trustees.
('79 Code, § 104)