Where by law two or more sureties are required upon an obligation such company is authorized to insure, it may act as sole surety thereon and may be accepted as such by the court, or other person authorized to approve the sufficiency of such bond or undertaking. Any provisions of the laws of this State requiring sureties on bonds to be residents of this State shall not be construed to forbid the acceptance of a qualified foreign company as joint and sole surety upon any such bond.