(a) In the event that liability upon the bond thus filed by the distributor with the Director of the Department of Finance and Administration shall be discharged or reduced, whether by judgment rendered, payment made, or otherwise, or if in the opinion of the director any surety on the bond theretofore given shall have become unsatisfactory or unacceptable, then the director may require the distributor to file a new bond with a satisfactory surety in the same form and amount, failing which the director shall immediately cancel the license certificate of said distributor.
(b) If the new bond is furnished by the distributor as above provided, the director shall cancel and surrender the bond of the distributor for which the new bond shall be substituted.
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