Section 1. That every existing and future sheriff or coroner in any county of this Commonwealth shall furnish as security on his official bond one or more surety companies, authorized to do business in this Commonwealth, and duly licensed by the Insurance Commissioner thereof, to be named in such bond and to be approved by the court of common pleas of the proper county or any two judges thereof, and that said court may, at any time thereafter, upon cause shown and due notice to such sheriff or coroner and his sureties, require or allow the substitution of another or an additional surety company acceptable to such court, to make such bond sufficient security for the amount required from such sheriff or coroner in such county by existing law, regardless of the solvency of such sheriff or coroner, without releasing the surety or sureties first approved from any accrued liability or previous action on such bond.