The assignee or receiver shall, before entering on the performance of his duties, give bond, with sufficient sureties, to the commonwealth, for the use and benefit of all parties in interest, in at least double the value of the insolvent's estate, as known to him, conditioned as follows:

The condition of this obligation is such that if the above bounden A.B., assignee (or receiver) of the estate of C.D., an insolvent, has discharged and shall faithfully discharge his duty as assignee, shall faithfully account for all moneys or assets received or to be received by him, or in which the estate of said insolvent is in any manner interested, and has faithfully executed and shall faithfully execute the trust confided to him, in the manner provided by law, then this obligation to be void; otherwise to be and remain in full force and effect.