The sureties upon the official bonds of all State Officers shall be residents of, and have sufficient property within the State, not exempt from sale under execution, attachment or other process of any court, to make good their bonds and the sureties upon the official bonds of all county officers shall reside within the counties where such officers reside, and shall have sufficient property therein, not exempt from such sale, to make good their bonds; provided, however, that any surety, bonding or guaranty company, organized for the purpose of doing a surety, or bonding business, and authorized to do business, in this State, may become surety on the bonds of all State, County and Municipal Officers under such regulations as may be prescribed by law.

[As amended by Const. Amend. 4.]