When the governing body of a trust deposits money of that trust in a commercial bank account or in a trust account of a trust department of a bank or other firm normally engaged in providing trust services, the following minimum requirements must be met:
(1) Funds must be deposited into the account in the name of the trust;
(2) Withdrawals from the account, whether by check or warrant, shall require the signatures of the chair and the treasurer of the board of the trust; and
(3) (A) The treasurer shall execute a bond to the board of trustees with good and sufficient sureties in such penal sum as the board shall direct, conditioned on the faithful performance of the duties of his or her office.
(B) The bond shall be filed in the office of the board of trustees.
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