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