All public officers, except those included within the blanket surety bond required by § 4-4-108, who are compelled to give official bonds may be required, by the court or officer whose duty it is to take or approve such bonds, to give additional sureties or new bonds in the following cases:
(1) Where the security of the original bond has become insufficient by the subsequent insolvency, death, or removal of the sureties thereto, or any of them;(2) When there is good reason to fear the public interest may suffer for want of such new and additional security; and(3) When the grand jury of the county, or a majority thereof, certifies the insufficiency of the original bond.Code 1858, § 778; Shan., § 1099; Code 1932, § 1841; T.C.A. (orig. ed.), § 8-1936; Acts 1980, ch. 887, § 5.