(a)General rule.--The township manager shall, if required by the board of commissioners, give a bond to the township, with a surety company or other company authorized by law to act as surety, to be approved by the board of commissioners, in such sum as the board of commissioners, by ordinance or resolution, directs, conditioned for the faithful performance of the township manager's duties.(b)Insurance in lieu of bond.--In lieu of the bond required for the faithful performance by the township manager of official duties, the board of commissioners may purchase insurance as provided in section 602(b).1931, June 24, P.L. 1206, No. 331, art. XIII-A, § 1303-A, added 2020, Oct. 29, P.L. 782, No. 96, § 44, effective in 60 days [Dec. 28, 2020].