The secretary and treasurer of the said Michigan state agricultural society shall each give bonds in such amounts and with such sureties respectively as shall from time to time be required by the executive committee, which bonds shall be conditioned for the faithful performance of the duties of such officers respectively, and to account for and pay over, as the executive committee shall order, all such moneys as shall come into the hands of such officers respectively by virtue of their office. Each of said bonds shall, in the first instance, be approved by the president as to form and sufficiency of sureties, and his approval shall be indorsed thereon, and such bonds and the action of the president thereon shall be reported to the executive committee at its next meeting, and shall be subject both as to form and sufficiency, to the action of the executive committee. It shall be competent for the executive committee in case either of said officers shall neglect or refuse to give such bonds within such time, and with such sureties as shall be approved as aforesaid, to declare said office vacant and thereupon fill the said office by appointment, until the next annual election.