32. The secretary-treasurer of every syndicate shall be responsible to the syndicate for all the moneys received by him as such, and he shall give security to the amount fixed by the board of management, to the satisfaction of the president and vice-president of such syndicate.
The security shall be renewed whenever required by the syndicate, and may be according to form 4.
R. S. 1964, c. 115, s. 32.