All moneys, the property of the retirement system, shall be received and paid to the treasurer of the retirement system who shall be bonded in such amount as shall be determined by the commission, such bonds to be paid for by the system. All moneys paid by the retirement system shall be paid by the treasurer of the fund by check, signed by the treasurer and countersigned by the chairman of the commission, after approval at a meeting of the commission.

L.1954, c. 218, p. 813, s. 11.