The assistant state treasurer, in the absence of the state treasurer, or in case of his inability to act, or under his direction, shall have the authority to perform all the acts and duties of the treasurer's office. Before entering upon the discharge of the duties of his office he shall take and subscribe the oath required by the constitution, and execute a faithful performance bond in the sum of fifty thousand dollars, payable to the governor. Premiums of this bond shall be paid by the state.
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