Bond as additional security for loan

(1) A credit union may require a member or officer to give a bond, with or without surety, as security for the repayment of any loan and any condition thereby imposed on the member or officer relating to the payment of capital and interest shall, be strictly observed and performed and on breach of any such condition the bond shall be forfeited forthwith. (2) Section 44 relating to the assignment of charges shall apply with the necessary modifications to the assignment of bonds.