(a) Before assuming office, the Director of the Securities Commission shall give a bond in the sum of $50,000, payable to the State of Alabama, to be approved by the Attorney General of Alabama and filed in the office of the Secretary of State. Such bond shall be conditioned that he will faithfully execute the duties of his office.
(b) The director may by rule or order require any employee of the commission to be bonded on the same condition and in the same or such lesser amount as he determines.
(c) The expense of all such bonds shall be paid from funds available to the commission.