(1) Within thirty (30) days from the time of notice of his or her appointment and before entering upon his or her duties, the commissioner shall take the oath of office as required by KRS 62.010.
(2) Within the same period the commissioner shall execute and deliver a surety bond, in favor of the Commonwealth of Kentucky, in the penal sum fixed by the Governor, but not less than fifty thousand dollars ($50,000) as required by KRS 62.160.