(1) The members shall give bond in the sum of ten thousand dollars ($10,000) executed by a surety company authorized to do business in the state for the faithful performance of their duties.
(2) The bond shall be approved by the Governor and kept on file in the office of the Secretary of State.
(3) Any action on the bond for breach thereof shall be instituted by the Attorney General and shall be in the name of the State of Arkansas.
(4) The premium upon the bonds shall be paid out of the Workers' Compensation Fund.