Within six months after the mustering out of any regiment of the State Guard, the surviving late senior officer of such regiment shall cause the regimental standards, both national and state, which belonged to such regiment to be deposited in the former headquarters’ armory of such regiment. When such deposit is made, the officer in charge of such armory shall give his receipt for such standards, and thereafter he and his successors shall be the custodians of such standards and shall carefully keep and conspicuously display them in such armory in recognition of the patriotic service of such regiment of the State Guard. Immediately upon receipt of such regimental standards, the officer who has assumed the custody of them shall apply to the Adjutant General for a repository for such standards, and the Adjutant General, within six months after the receipt of such application, shall deliver to the officer making such application, or to his successor, a glass-front, dust-proof repository, so designed, constructed and inscribed as suitably to fulfill the purpose herein set forth. All expense incurred in complying with the provisions of this section shall be borne by the state.