The board of trustees of the northeast Ohio medical university shall annually elect from its members a chairperson and a vice-chairperson. The board may also appoint a secretary of the board, a treasurer, and such other officers of the university as the interest of the university requires, who may be members of the board. The board may also appoint boards or commissions to assist the officers of the university with its operation. The treasurer, before entering upon the discharge of the official duties of treasurer, shall give bond or insurance to the state for the faithful performance of the official duties of treasurer and the proper accounting for all moneys coming into the treasurer’s care. The amount of the bonds or insurance shall be determined by the board, but shall not be for a sum less than the estimated amount which may come into the treasurer’s control at any time, less any reasonable deductible.