SECTION 16. Schedule bonds

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State officers and heads of state departments may arrange for such schedule bonds as they deem advisable, which shall take the place of bonds required by law of them or any of their officers and employees. Every such schedule bond shall be a surety company bond with a surety company authorized to do business in the commonwealth as surety, conditioned that the officers and employees named in the bond shall faithfully perform the duties of their offices and employments, with other conditions or provisions required by law.

                    
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