Before entering upon the duties of the office, each appointed member of the Mississippi Coast Coliseum Commission shall take and subscribe to the oath of office required by Section 268 of the Constitution of the State of Mississippi, and shall enter into and give bond to be approved by the Secretary of State of the State of Mississippi in the sum of Fifty Thousand Dollars ($50,000.00) conditioned upon the faithful performance of his duties. Such bond shall be payable to the State of Mississippi, and in the event of a breach thereof, suit may be brought by the State of Mississippi for the benefit of the Mississippi Coast Coliseum Commission.