(1) Before taking up office, every officer or voluntary assistant of a credit union who will have the receipt or charge of money shall give security in such sum as the board of directors may direct conditioned -
(a) for his rendering at all due times a just and true account of all money received and paid by him on account of the credit union; and
(b) for the payment by him of all sums due from him to the credit union in his capacity as an officer or voluntary assistant.
(2) In subsection (1)(a), "at all due times" means at such times as may be specified in the rules or as the credit union or its board of directors may require.
(3) An officer or voluntary assistant of a credit union shall give security for the purposes of this section either -
(a) by becoming bound, either with or without a surety as the board of directors may require, in a bond in such form and amount as the board may approve; or
(b) in such cases as may be approved by the Bank, by giving such other security as th