All banks, banking institutions, and trust companies, selected as aforesaid, shall, upon the receipt of notice of such selection as depositories of State moneys, furnish a bond to secure payment of deposits and interest to the Commonwealth of Pennsylvania, with a proper warrant of attorney to confess judgment in favor of the Commonwealth, secured by a surety company or individual sureties, to be approved by the Revenue Commissioners¹ and Banking Commissioner,² or a majority of them, in double the amount of the deposit to be made, and, if corporate bonds are given, no one company shall be approved in an aggregate amount in excess of five times its capital, surplus and reserve.