52:18A-58. Officers
The Governor shall designate one of the members of the Authority as chairman thereof and another member as vice-chairman thereof. The chairman and vice-chairman of the Authority so designated shall serve as such at the pleasure of the Governor and until their respective successors have been designated. The Authority shall appoint a secretary and a treasurer and such other officers as it shall determine, none of whom need be members of the Authority.
Before the issuance of any bonds under the provisions of this act, the secretary and the treasurer and each member of the Authority shall each execute a surety bond in the penal sum of twenty-five thousand dollars ($25,000.00) conditioned upon the faithful performance of the duties of the office of secretary or treasurer, or member, as the case may be, and executed by a surety company authorized to transact business in the State of New Jersey as surety. Each such bond shall be submitted to the Attorney-General for his approval and upon his approval shall be filed in the office of the Secretary of State prior to the issuance of any bonds by the Authority. At all times after the issuance of any bonds by the Authority the secretary and treasurer and each member shall maintain such surety bonds in full force and effect. All costs of such surety bonds shall be borne by the Authority.
L.1950, c. 255, p. 876, s. 9.
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