In lieu of all or part of the insurance or bond required by section 881 of this title, a motor bus owner may file with the Commissioner of Motor Vehicles a bond conditioned for the payment and discharge of all liability described in said section provided the policy of insurance, if any, or bond is approved by an order of the Transportation Board filed with the Commissioner determining the amount, if any, of insurance to be procured and the amount of a bond in addition to or in substitution for insurance. The Board may approve a bond without surety if it shall have determined, by order made upon proper showing, that a surety on the bond is not required by the public interest because of the proven financial responsibility of the obligor, or because of collateral security consisting of deposits in a Vermont bank or negotiable securities held by such bank as trustee, or a combination thereof, pledged to secure the performance of the bond upon terms and conditions prescribed by the Board. If the order requires insurance or a surety bond, the policy of insurance or surety bond shall be executed by a company authorized to do business in this State. (Amended 1959, No. 329 (Adj. Sess.), § 39(b), eff. March 1, 1961; 2015, No. 47, § 24.)