In addition, all such applications for license shall be accompanied by the bond of the applicant in the penal sum of five thousand dollars ($5,000) running to the state of New Mexico, and conditioned to secure the faithful observance of this act [61-16-3 to 61-16- 17 NMSA 1978] by all persons taking part in the conduct of any auction hereunder. Such bonds shall be secured by two or more individual sureties each of whom must be qualified by ownership of property subject to execution within this state over and above all just debts and liabilities of a value equal to the penal sum of the bond; or by one corporate surety qualified to do business in this state.