§ 38-3-101 — Execution of bonds

Whenever any bond, undertaking, recognizance or other obligation
is by law, or the charter, ordinances, rules or regulations of
any municipality, board, body, organization, court or public
officer, required or permitted to be made, given, tendered or
filed, with surety or sureties, and whenever the performance of
any act, duty or obligation, or the refraining from any act, is
required or permitted to be guaranteed, such bond, undertaking,
obligation, recognizance or guarantee may be executed by a
surety company qualified to act as surety or guarantor as
hereinafter provided, and such execution by such company of such
bond, undertaking, obligation, recognizance or guarantee shall
be in all respects a full and complete compliance with every
requirement of law, charter, ordinance, rule or regulation, that
such bond, undertaking, obligation, recognizance or guarantee
shall be executed by one (1) surety or by one (1) or more
sureties or that such sureties shall be residents or
householders, or freeholders or either, or both, or possess any
other qualification; and all courts, judges, heads of
departments, boards, bodies, municipalities and public officers
of every character, shall accept and treat accordingly such
bond, undertaking, obligation, recognizance or guarantee when so
executed by such company, as conforming to and fully and
completely complying with every such requirement of every such
law, charter, ordinance, rule or regulation.