(1) Every officer of a society or branch having receipt or charge of money shall, before taking upon himself or herself the execution of his or her office, become bound with one sufficient surety at the least in a bond in the form set out in Form No. 6 of Schedule 2 or give the security of a guarantee society or company, in such sum as the society or branch directs, conditioned for his or her rendering a just and true account of all sums of money received and paid by him or her on account of the society or branch at such times as its rules appoint, or as the society or branch or the trustees or committee thereof require him or her to do, and for the payment by him or her of all sums due from him or her to the society or branch.