The town manager, town clerk, treasurer and agent of the town deposit fund, collector of revenues, building inspector, director of public works and such other officers and employees as may be required to do so by vote of the council shall, before entering on their respective official duties, execute to the town, in the form prescribed by the town attorney, and file with the town clerk a surety company bond in a penal sum to be fixed by the council, conditioned upon the faithful performance of such official duties. Premiums for such bonds shall be paid by the town.