Section 262.607 - Bond of treasurer - action for breach, by whom brought1. The treasurer of the council within ten days after his election as treasurer and before entering upon the duties of his office shall execute to the council a corporate surety bond of not less than one hundred twenty-five percent of the estimated amount that will be in his hands as treasurer at any one time. All such bonds shall be conditioned on his faithful discharge of the duties of the office of treasurer. The amount and sufficiency of all bonds shall be determined by the county clerk, and upon his approval endorsed on the bond, the bond shall be filed with the county clerk, who shall notify the chairman of the council and the county treasurer of the approval and filing. The cost of such bond shall be paid by the council.2. In the event of the breach of any condition thereof, the chairman of the council shall, and if he does not any member of the council may, cause a suit to be commenced thereon in his own name for the benefit of the council, in which suit it shall not be necessary to include the treasurer as a party and the money collected shall be applied to the use of the council, as the same should have been applied by the treasurer.