(1) It shall be the duty of the Commissioner of State Lands to give bond, with good and sufficient security to be approved by the Governor, in the sum of twenty thousand dollars ($20,000), for any moneys and other property belonging to the state which may be in or may come into his or her possession and for the faithful performance of his or her official duties.
(2) The bond shall be given to the State of Arkansas and shall be filed in the office of the Secretary of State.