The several boards of school directors of the school districts establishing such joint school or department shall, by joint meeting or mail ballot, adopt the annual school budget. The presiding officer and secretary of the joint session shall be the president and secretary of the joint board or joint school committee. At such joint session, or by mail ballot, they shall elect, from the treasurers of their respective districts, one who shall act as the treasurer of such joint school or department, for a one year term beginning on the first day of July following his election, to whom shall be paid, by the several districts establishing such joint school or department, the amount agreed upon to be contributed by each district for the support of such joint school or department. They shall fix the salary of the treasurer of such joint school or department annually, at an amount not exceeding two per centum of the funds passing through his hands.
24 P.S. § 17-1705