Where pursuant to the arrangements made between the Division and the teacher, it is anticipated that the teacher will be paid salary in advance of rendering service, the teacher shall, at the time of making such arrangements, give to the Division a promissory note in the form of "Schedule I" for the full amount of the salary that will be so prepaid, the said note to be surrendered by the Division when the teacher either (a) has earned the amount by teaching service or (b) has made full payment in cash, or (c) has repaid all prepaid salary by a combination of service and cash, or (d) has not received in advance any portion of the money contemplated. The said promissory note shall not be negotiated by the Division.