In case any city or county treasurer, or other public officer of this commonwealth, charged with the safe keeping, transfer or disbursement of public money, who has given or hereafter shall give bonds with security, for faithfully paying over or accounting for such public money, in any manner prescribed by law, and such treasurer or other public officer as aforesaid, or any of their sureties respectively, shall become insolvent or in failing circumstances, or any such sureties shall die or abscond, it shall and may be lawful in any such case for the state treasurer to require new bonds, with new security, to be approved of in like manner as the original bond and sureties are now by law required to be given and approved.
72 P.S. § 4601