Pennsylvania Statutes Title 24 P.S. Education § 803. Bond of trustee; accounting by trustee; removal of trustee; appointment of successor on vacancy in office

Before the said trustee or his successors in the trust shall receive any part of said money, securities or stocks, he shall give bond to said district in such sums and with such sureties as shall be approved by said court, conditioned for the faithful performance of all duties pertaining to said trust and paying and delivering over to his successor therein or other party legally entitled to receive the same all moneys and securities received and held by him as trustee; and he shall, on the first day of the first term of each year, exhibit to said court a full, true and correct account in writing, under oath, of his management of said trust fund, how and in what securities the same is invested, and the rates of interest received thereon, which account, when examined and approved by the said court, shall be filed with the records thereof. Said court shall also have the power, at any time upon sufficient cause shown, to remove said trustee or require of him additional sureties for the performance of his trust, and shall, whenever and as often as a vacancy occurs by reason of such removal, or the death or resignation of said trustee, appoint a suitable person as his successor; and said trustee shall in all respects be subject to the control and jurisdiction of said court, in like manner as other trustees under existing laws.