(a) The supervisor, before entering upon the duties of the office, shall give bond to the township, with one or more sureties, (i) in at least double the amount of money that may come into the supervisor’s hands, if individuals act as sureties, or (ii) only in the amount of money that may come into the supervisor’s hands, if a surety company authorized to do business in this State acts as surety. The bond shall be conditioned on the faithful discharge of his or her duties as supervisor and require that he or she safely keep and pay over all money entrusted to his or her keeping as supervisor. The bond shall be approved by the township clerk and filed in the clerk’s office with the clerk’s approval indorsed on it.
     (b) Whenever the township clerk ascertains that the bond has been forfeited, the clerk shall institute suit against the supervisor. If the clerk fails or refuses to institute a suit, any person interested in the matter may institute a suit.