§102-12  Surety on bond; justification. A surety company authorized to do business under the laws of the State may beaccepted as surety on the bond, whenever, in the opinion of the officer lettingthe contract, the rights of all parties in interest will be fully protected. If the surety or sureties on the bond, whether individual or corporate, shallbe other than a surety company authorized to do business under the laws of theState, there shall be not more than four sureties who shall severally justifyin such amounts as, taken together, will aggregate the full amount of the bond;provided that in the case of the other sureties the officer letting thecontract shall require that the surety shall also severally deposit with theofficer certified checks, certificates of deposit, or share certificates(unconditionally assigned or on demand on or after such period as the officermay stipulate) or bonds, stocks, or other negotiable securities, or execute anddeliver to the officer a deed of trust of real property, all of such characteras shall be satisfactory to the officer, each surety to furnish the security tothe full cash value of one hundred per cent of the amount for which the suretyshall so have justified; provided further that the contracting officer, in theofficer's discretion, may waive the necessity of furnishing the security, toany extent that the officer may deem warranted, in cases where, upon an actualexamination, the officer is satisfied as to the financial responsibility of theproposed surety or sureties; provided that if there is but one personal suretythe surety shall so justify for the full amount of the bond. [L 1959, c 245,§10; Supp, §7B-10; HRS §102-12; gen ch 1985; am L 1990, c 345, §4]