Whenever any recognizance, stipulation, bond or undertaking, conditioned for the faithful performance of any duty, or for doing or refraining from doing anything in the recognizance, stipulation, bond or undertaking specified, is by law required or permitted to be given with one (1) surety, or with two (2) or more sureties, for execution of the same or the guaranteeing of the performance of the condition thereof, it shall be sufficient when executed or guaranteed solely by a corporation incorporated under the laws of the United States, of this state, or any state, having power to guarantee the fidelity of persons holding positions of public or private trust, and to execute and guarantee bonds and undertakings in judicial proceedings; provided, that the recognizance, stipulation, bond or undertaking shall be approved by the head of the department, court, judge, officer, board or body executive, legislative or judicial required to approve or accept the recognizance, stipulation, bond or undertaking. No officer or person having the approval of any bond shall exact that it shall be furnished by a guaranty company, or by any particular guaranty company.