9. The Minister, in all cases where public work is being carried out by contract, shall take all reasonable care that good and sufficient security be given in favour of Her Majesty for the due performance of such work within the amount and time specified for its completion; and no money shall be paid to a contractor on any contract whatsoever, nor shall any work be commenced, until the contract has been signed by the parties therein named and until the required security has been given.
R. S. 1964, c. 138, s. 9.