No common carrier authorized to do business in this state, when requiring of an employee that he or she give a bond or undertaking of any nature whatsoever, shall require as surety thereon any person not a resident of this state. Nor shall any common carrier accept as surety any company, corporation, or association unless the company, corporation, or association is a corporation duly organized under the laws of the State of Arkansas or who shall have designated an agent residing within this state upon whom service of legal process may be had as provided by law for foreign corporations doing business in this state and shall also have in this state a general office in which it shall require that every bond or undertaking shall be approved, if approved and cancelled, and where a complete record thereof shall be kept.
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