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Prior to assuming office, the City Treasurer and Collector of Taxes shall give a bond, to be approved by the City Council, in such form and amount as required by law.

Failure to provide such bond within the time required by the City Council, shall rescind the election, and a new election shall be held.

In case of bond revocation, a new bond, as herein required, shall be provided; and failure to do so within fifteen days shall be cause for removal from office.