Security to be given.

(1.) Every officer, if the rules of the society or registered branch require, shall, before taking upon himself the execution of his office, become bound with one sufficient surety at the least in a bond in the form (5) contained in the Third Schedule to this Act, or give the security of a guarantee society, in such sum as the society or registered branch directs, conditioned for his rendering a just and true account of all moneys received and paid by him on account of the society or registered branch at such times as its rules appoint, or as the society or registered branch or the trustees or committee of management thereof require him to do so, and for the payment by him of all sums due from him to the society or registered branch.