13.- (1) A guardian, if not a Registrar of the Court, must give security to the Court for the due application of the infant’s property unless the Court dispenses with security under this Rule.
(2) The Court may, on the appointment of a guardian, or at any time during his continuance in office as guardian, dispense with security on the application either of the person who is to be appointed or is guardian or of any person appearing to the Court to be interested in the infant.
(3) The security must be given by a bond in Form 4, or otherwise, as the Court directs, and with such sureties as the Court approves.
(4) If the Court is satisfied that sufficient provision is made for the safety of the capital of the infant’s property the amount of the security shall, in ordinary cases, be an amount exceeding by fifty per centum the income of the trust property as estimated by the Court.
(5) The Court may at any time require that the amount or nature of the security given by a guardian under this Rule be varied or that security be given where it has previously been dispensed with and a guardian shall comply with any such requirement.
(6) It shall be a condition of every bond or other form of security given under this Rule that the guardian shall give immediate notice to the Court of the death or insolvency of any of his sureties.
(7) Any bond or other form of security given for the purpose of this Rule may be vacated in such manner and subject to such conditions as the Court may direct.
(8) Where security is not dispensed with the appointment of a person to be guardian shall not take effect until he has given the security required by the Court under this Rule.
(9) Any premium payable by a gardian to any guarantee company on account of his security may, if the Court so directs, be paid out of the trust property.