A bond, with sureties, to be approved by the secretary of state, and conditioned upon the faithful performance of his duties and the safekeeping of any standards or equipment entrusted to his care shall, forthwith, upon his appointment, be given by the deputy director in the penal sum of five thousand dollars ($5,000.00), and by each inspector in the penal sum of one thousand dollars ($1,000.00). The premiums on such bonds shall be paid by the state.
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