Officers to give security

Every officer of a society having the receipt or charge of any money belonging to the society shall, before taking upon himself the execution of his office, become bound with one sufficient surety at the least in a bond according to the form set forth in the Second Schedule, or give the security of a guarantee society, or such other security as the society directs in such sum as the society requires, conditioned for rendering a just and true account of all moneys received and paid by him on account of the society, and for payment of all sums of money due from him to the society at such times as its rules appoint, or as the society may require. upon.