Every manager appointed by the Court shall manage the property placed under his charge diligently and faithfully and shall-
(a) give such security, if any, as the Court thinks fit, duly to account for what he may receive in respect of the rents and profits of the property under his charge;
(b) keep such accounts in such form and submit them at such times as the Court may direct;
(c) deal with all moneys received by him in such manner as the Court may direct;
(d) apply for the sanction of the Court to any act which may involve the property in expense not previously sanctioned by the Court;
(e) be responsible for any loss occasioned to the property by his negligence or wilful default;
(f) continue liable to account to the Court after he has ceased to be manager for his receipts and disbursements during the period of his managership; and
(g) be paid such allowance out of the property of the ward as the Court thinks fit.