Section 42E. If a licensee, or an applicant for a license, under section forty-two A is himself a producer and, in addition to his own production, receives from other producers not more than one hundred quarts of milk, and if the commissioner is satisfied from an investigation of the financial condition of the licensee or applicant that he is solvent and possessed of sufficient assets reasonably to assure compensation to his present and future creditors, the commissioner may, by an order filed in the department of agriculture, relieve such applicant or licensee from filing a bond or other security as hereinabove required. No bond or other security shall be required of a cooperative association receiving milk from producers who are also members, by virtue of a membership agreement or contract in full force and effect, of such cooperative association.