Within twenty days after receiving his commission, and before entering upon the duties of his office, the director shall take the oath of office prescribed by the constitution of this state, and shall give a bond with a corporate surety or five or more good and sufficient sureties to the state of Missouri in the sum of two hundred fifty thousand dollars to be approved by the governor and attorney general, conditioned for the faithful discharge of his duty, which oath and bond shall be filed in the office of the secretary of state.