The treasurer of every burial association, who shall be the custodian of the funds of the association, shall file with the Oklahoma State Board of Embalmers and Funeral Directors a bond, in the form prescribed by the Board, running in the favor of the State of Oklahoma, executed by an insurance company authorized to do business in this state, and to be conditioned that the trust fund of the association will be held and administered in accordance with the provisions of this act,¹ which bond shall at all times be equal to, or in excess of, the trust fund but which in no event shall be in an amount less than One Thousand Dollars ($1,000.00).