The Treasurer shall give a bond before entering upon his duties, in the sum required by the Board of Trustees, but such bond shall not be less than the amount required by law, with sureties to be approved by the Board. This bond shall be conditioned upon the faithful performance by the Treasurer of the Treasurer's duties, and shall be conditioned to indemnify the village for any loss by reason of any neglect of duty or any act of the Treasurer.
('79 Code, § 401(1))