Section 109. The adjutant general may arrange for such schedule bond as the adjutant general considers advisable to take the place of individual bonds required by law from any officer or officers or noncommissioned officer or officers of the armed forces of the commonwealth. Each such schedule bond shall be with surety satisfactory to the adjutant general and conditioned that the officers and noncommissioned officers holding the positions specified in said bond shall faithfully perform the duties of their respective offices; and it shall contain such other conditions or provisions as may be required by law.