Section 2. A public administrator shall give bond for the faithful administration of each estate on which letters of administration may be granted to him as such public administrator, with sufficient sureties, in such form as the probate court may order, payable to the judge of said court and his successors, with condition substantially as follows:—

First, To make and return to the probate court, within three months from the time of granting to him, as public administrator, letters of administration on the estate of the deceased, a true inventory of all the real and personal property of the deceased which at the time of making thereof shall have come to his possession or knowledge;

Second, To administer according to law all personal property of the deceased which may come into his possession or into the possession of any person for him, and also the proceeds of any of the real property of the deceased which may be sold or mortgaged by him;

Third, To render on oath a true account of his administration at least once a year until his trust is fulfilled, unless he is excused therefrom in any year by the court, and also to render such account at such other times as the court orders;

Fourth, To pay the balance of such estate remaining in his hands upon the settlement of his accounts to such persons as the court may direct; and, when such estate has been fully administered, to deposit with the state treasurer the whole amount remaining in his hands to which said treasurer may be entitled under the provisions of chapter one hundred and ninety-four of the General Laws;

Fifth, Upon the appointment and qualification of an executor or administrator as his successor, to surrender into the probate court said letters of administration, with an account on oath of his doings therein; and, upon a just settlement of such account, to pay over and deliver to such successor all money remaining in his hands, and all property, effects and credits of the deceased not then administered.