3(1)The acquiring authority shall also give or tender to the owner a bond in a penal sum equal to the sum to be paid into court under paragraph 2 of this Schedule, conditioned for payment to the owner, or, as the case may be, for payment into court in accordance with this Act, of all the compensation which may be agreed or awarded, together with interest thereon at the rate prescribed under section 32 of the [1961 c. 33.] Land Compensation Act 1961 from the time of entry until the compensation is paid over, or paid into court, in accordance with this Act.
(2)The bond shall, where the acquiring authority are a corporation, be under their common seal or official seal.
(3)The bond shall be with two sufficient sureties, and, if the acquiring authority and the owner do not agree, the sureties shall be approved by two justices of the peace acting together.