(1) A claimant, before making objection under § 2-18-104, shall enter into bond and good security to be approved by the speakers of the senate and house of representatives, in the sum of twenty-five thousand dollars ($25,000), payable to the state of Tennessee, conditioned upon the faithful and bona fide prosecution of the contest.
(2) If no bond is filed for approval with the speaker of the senate by twelve o'clock (12:00) noon, prevailing time, on December 15 after the election, there may be no contest of the election.
(3) If a bond is filed by that time, other claimants may file their bonds until twelve o'clock (12:00) noon, prevailing time, on the seventh day after the first bond is filed.
(4) The penalty of the bond shall not be enforced against a contestant and the contestant's securities unless the joint assembly concludes that the contest was not in good faith, was malicious, was made for political effect or was without reasonable cause, in which case the joint assembly shall so declare and order the enforcement of the penalty of the bond.