(1) This section applies to a first class school district only if the question under section 410 is not approved in the first class school district.

    (2) The officers of the first class school district board shall be a president, vice-president, secretary, and treasurer. Subject to subsection (7), the board, a majority of which constitutes a quorum, shall elect its president and vice-president biennially from among the members of the board. In case of a vacancy in the office of president, the vice-president shall succeed to the office of president for the balance of the unexpired term. The secretary and treasurer shall be appointed by the board but shall not be members of the board and shall receive a salary fixed by the board.

    (3) The president, vice-president, and secretary shall perform the duties prescribed by the bylaws and regulations of the board. The duties of the treasurer shall be determined by the school district general superintendent, as approved by the board.

    (4) The officers of the board who in the discharge of the duties of their respective positions handle funds belonging to the first class school district shall be required to give bonds for the faithful performance of their duties in accordance with the bylaws and regulations of the board. The premium of the bonds shall be paid from the funds of the board.

    (5) The school district treasurer shall have the custody of all money belonging to the school district and shall pay out money pursuant to section 433. The funds shall be deposited with depositories selected by the board, and the interest derived shall be paid into the general fund of the board.

    (6) The board shall require from the school district treasurer a separate bond of not less than $200,000.00 to protect the funds of the board.

    (7) All of the following apply to the board members elected by the board in 2006 as president and vice president of the board:

    (a) The initial term as president and vice president for each of those board members is continued until a successor is elected by the board for each in January of 2008.

    (b) Successors for each of those officers as described in subdivision (a) shall be elected biennially by the board as provided under subsection (2).