All bonds of officers and employees shall be continuing in effect so long as the officers and employees named therein shall continue in office and until payment is made by such officers and employees of all monies received by them; provided that liability under any such bond may be terminated in respect of any official act which shall be taken or occur after 30 days' written notice to the assured of the termination or cancellation of such bond by the surety or sureties. In case of termination or cancellation of any bond by any surety during the continuance in office or employment of any officer or employee, such officer or employee shall execute a new bond in the same manner, of the same character, and with the same conditions and penalties as are required by the foregoing sections of this chapter relating to bonding regulations.
(Prior code § 25-16)