A foreign corporation, before driving or floating any logs, lumber, or other timber in any stream in this State, shall file in the Office of the Secretary of State for the benefit of the owners of land adjoining any stream used by such corporation, a good and sufficient bond to be approved by the Secretary and in such sum as he or she directs. Such bond shall be given to the Secretary as trustee of the corporation, for each and all of the riparian owners, and shall be conditioned for the payment of all damages and compensation awarded by the Commission and any judgment rendered by any court from which an appeal has not been taken. Upon breach of the condition of such bond, the Secretary, upon application by a riparian owner whose award by the Commission or judgment remains unpaid for more than 30 days, shall institute proceedings thereon in his or her name as trustee for the benefit of all landowners to whom such corporation may be indebted, as hereinbefore provided, at the time such proceedings shall be instituted. (Amended 1959, No. 329 (Adj. Sess.), § 39(b), eff. March 1, 1961.)