I. Until an owner has furnished a bond or other security to the town, no owner shall cut or cause to be cut growing wood and timber if such owner:
(a) Does not own land in the town where he intends to cut.
(b) Ceases to own land in the town where he is cutting after filing an intent to cut.
II. An owner who ceases to own land in the town where he is cutting after filing an intent to cut, shall notify the assessing officials, in writing, of the change in ownership within 15 days of such change. An owner who neglects to notify the assessing officials shall be guilty of a misdemeanor.
III. [Repealed.]