Before the director of the inspection section shall enter upon the duties of his office, he shall give a good and sufficient bond to the state of Missouri in the penal sum of twenty thousand dollars, to be approved by the attorney general as to form, and by the governor as to sufficiency, conditioned upon the faithful performance of the duties of his office, and that he will render an honest and accurate accounting of all funds which may come into his hands through the performance of his official duties, and said director shall be held liable on his official bond for any defalcations of any of his deputies, agents, assistants or other employees.