Before entering upon the discharge of his official duties, each conservation police officer shall post bond with a guaranty company, authorized to do business within this Commonwealth as surety, for $1,000 payable to the Commonwealth of Virginia. The bonds shall be posted with the condition that the conservation police officer will (i) account for and legally apply all money which he receives in his official capacity, (ii) pay all judgments rendered against him for malicious prosecution or for unlawful search, arrest or imprisonment, and (iii) faithfully perform all of the duties enjoined upon him by law. These bonds shall be filed with the Department and shall be subject to the approval of the Director or his designated officer. The premium on the bonds shall be paid out of the game protection fund.