1. Upon such conditions as he may approve, the director may surrender possession of such corporation to its officers or any of them to permit the resumption of business or the liquidation of the corporation.

2. Before such corporation is surrendered for purposes of liquidation, the officer or officers of the corporation shall enter into a good and sufficient personal or surety bond in an amount equal to the total amount of the corporation’s liability, capital stock liability excepted; the bond to be conditioned that all of the aforesaid liability be discharged within one year from the date of the making of the bond. The sufficiency of the bond shall be passed upon and approved by both the circuit judge of the county or city in which the corporation is located and the director, and be filed with the circuit clerk of said county or city. The bond shall be for the benefit of the depositors and other creditors. In the event of default, any depositor or other creditor may bring his action singly or collectively or if the claim be assigned the assignee may bring action in like manner.