A former principal at Martingrove Collegiate Institute is facing two charges following allegations he took money from an account set up to handle student funds.

In a news release issued Monday, Toronto police said the accused was principal from 2002 until 2009 at the school, located just southeast of the Martin Grove Road-Eglinton Avenue West intersection.

"He set up an account specifically for student funds, having signing authority on the account," police alleged.

Police allege that between January 2005 and December 2009, the accused paid himself $16,000 from the student fund account.

They further allege that he only made partial deposits into the fund between 2005 and 2009. This resulted in the theft of an additional $72,500.

Terry Baytor, 58, of Brampton, has been charged with theft over $5,000 and fraud over $5,000. He is to appear in court on Wednesday, Dec. 22.

No allegations against Baytor have been proven in a court of law.

Kelly Baker, a Toronto District School Board spokesperson, said she believes that Baytor retired as a principal in late 2009.

The funds in the account would come from students' activity fees and similar sources, she said.

Baker said it is "quite uncommon" for such charges to be laid.

"Certainly we put trust in our principals that they're going to adequately manage all the responsibilities of being a principal, including the financial responsibilities," she said.

Principals do have to file regular reports to the board's finance department to account for funds, Baker said.