Each appointed member of the commission shall execute a bond in the penalty of fifty thousand dollars ($50,000) and the secretary and treasurer shall execute a bond in the penalty of one hundred thousand dollars ($100,000), each such bond to be approved by the Governor and to be conditioned upon the faithful performance of the duties of his office in the administration of the Pennsylvania Turnpike System, which bonds shall be filed in the office of the Secretary of the Commonwealth; and thereupon, the bonds previously given by the members of the commission and the secretary and treasurer of the commission under any other act previously requiring such bonds shall be cancelled; and notwithstanding any of the provisions of any of such acts, no bonds, in addition to those provided hereunder, shall be required.