Any automobile dealers association which is approved by the director may file a bond or equivalent proof of financial responsibility in the amount of $100,000, and under the terms and conditions acceptable to the director. Any dealer who is a member of such approved association shall be covered by such bond or other document and shall not be required to file a bond as provided in N.H. Rev. Stat. § 261:100. The association shall immediately notify the director of any dealer who has been covered under the association bond who ceases to be a member of the association.