The board of regents shall elect a treasurer of the university, who shall hold his or her office at the pleasure of the board. The treasurer shall keep a true and faithful account of all money received and paid out by him or her and shall pay all warrants and checks as presented. The treasurer shall take an oath or affirmation in accordance with section 24-12-101. He or she shall also give a bond in the penal sum of not less than twenty-five thousand dollars, conditioned for the faithful discharge of his or her duties as treasurer, that he or she will at all times keep and render a true account of all money and other valuables received by him or her as treasurer and of the disposition he or she has made of the same, and that he or she will at all times be ready to discharge himself or herself of the trust and to deliver up when required by said board all money, notes, bonds, and other valuables entrusted to him or her. The bond shall have two or more sureties and be approved as to its form and the sufficiency of its sureties by the board of regents, the attorney general, and the secretary of state, who shall endorse their approval on the same. The bond shall be filed in the office of the secretary of state.
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