The treasurer of the Soldiers' or Sailors' Memorial Association of any county of this Commonwealth, on receiving any such balance referred to in section one of this act, shall file a bond in the court of common pleas or other competent court of said county, in double the amount of the sum, which bond shall be approved by said court, for the faithful performance of the duties incumbent upon him by the requirements of this act.
16 P.S. § 8047