51.—(1) Every officer of a credit union having receipt or charge of money shall, if the rules of the credit union so require, before entering upon the execution of his office give security in such sum as the board of directors may direct conditioned for his rendering a just and true account of all money received and paid by him on account of the credit union at such times as its rules appoint or as the credit union or its board of directors requires him so to do and for the payment by him of all sums due from him to the credit union.
(2) An officer of a credit union shall give security in accordance with paragraph (1) either—
(a)by becoming bound either with or without a surety as the board of directors may require, in a bond in such form as the board of directors may approve; or
(b)by giving the security of a guarantee society; or
(c)by giving such other security as the board of directors may direct.