Whenever the secretary of state shall determine that any bond approved by him or her is, or for any cause has become, insufficient he or she may require an additional bond, within the limitations and subject to the conditions hereinbefore provided, to be given by the “bonded warehouseman” concerned. Unless the same be given within the time fixed by a written demand therefor by the secretary of state, the license of such “bonded warehouseman” may be suspended or revoked, and such license may be suspended or revoked for the violation of any of the other provisions of this act.