It shall be the duty of the board of county commissioners of each county to periodically, but not less than twice yearly, review, examine, and inquire into the sufficiency of all of the official bonds given or to be given by any county or precinct officer as required by law, and if it shall appear that any one or more of the sureties, or any of them, has died, moved from the state, become insolvent, or from any other cause has become incompetent or insufficient surety on such bond, the said board of county commissioners shall cause such county or precinct officer to be summoned to appear before the board on a day to be named in said summons, not less than three (3) nor more than ten (10) days after date, to appear and show cause why he should not be required to give a new bond with sufficient security, and if at the appointed time he shall fail to satisfy said board as to the sufficiency of the present security, an order shall be entered of record by said board requiring such county or precinct officer, to file in the office of the county clerk within ten (10) days, a new bond to be approved as required by law, and in the event such bond is found not sufficient, and a new bond is not filed as ordered, the fact shall be certified by the board of county commissioners to the district court of the county, and shall also be certified to the prosecuting attorney of the county and it shall thereupon become the duty of the prosecuting attorney to cause a hearing to be had in said district court for the purpose of adjudicating and declaring a vacancy in such office, in the event the district court determines, after a hearing, that the bond is in fact insufficient, and such officer fails within five (5) days after the district court has so found to file a new bond with sufficient surety as required by law. Upon the entry of such decree of vacancy it shall thereupon become the duty of the appointing power to fill such office in the manner provided by law.