Every person to whom letters testamentary or of administration are directed to issue must, before receiving them, execute a bond to the State of Oklahoma with two or more sufficient sureties, to be approved by the judge of the district court. In form the bond must be joint and several, and the penalty must be in such sum as the court shall order after his examination on oath the party applying, and any other persons, as to the probable value of the personal property and the probable value of the annual rents from the real property and other circumstances pertaining thereto. Provided, however, the court may in its judgment make an order that no bond shall be required if the circumstances indicate none is necessary.