(1) The bond referred to in 39-3-510 may be that of a surety company licensed and authorized to do business within the state or of two owners of real estate located in the county and who can and do justify as sureties in the same manner as sureties justify on appeal bonds or bail bonds.
(2) The bond must be in the sum of not less than $500 for each unit of five individuals or less employed by the person, firm, partnership, or corporation.
(3) The bond must continue in force for 1 year.
(4) The bond must run in the name of the state of Montana and must be examined and approved by the judge of the district court, with approval endorsed on the bond.