(1) Before entering into office as county public guardian and conservator, the person appointed to the office shall file an official bond in such amount as may be fixed from time to time by the board of county commissioners or the court having probate jurisdiction, which bond shall inure to the joint benefit of the several guardianship and conservatorship estates in which the person is acting as guardian or conservator and the county. The county public guardian and conservator shall not be required to file bonds in individual estates.
(2) Upon removal of the county public guardian and conservator in accordance with the provisions of ORS 125.705, the surety on the county public guardian and conservator bond shall be exonerated upon order to that effect of the court having probate jurisdiction in the county.