At the time of filing the petition, or at any time subsequent thereto and prior to the time of the giving of notice by the commissioner, as hereinafter provided, the petitioners shall either file bond with the commissioner with security approved by him, or deposit cash or securities with him in an amount sufficient to pay the costs in the proceedings thereafter involved. If the commissioner at any time during the proceedings is not satisfied that the bond or deposit is sufficient or that the surety on the b ond is safe, he may require the execution of an additional bond or the giving of additional surety or an additional deposit within a time to be fixed not less than ten (10) days thereafter, and upon the failure of the petitioners to comply the commissioner may refuse to proceed further and may refuse to organize the district.
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