(1) If by order made upon such summons the security be declared insufficient and the objection is allowed, it shall be lawful for the petitioner, within such time not exceeding 10 days as may be ordered by the judge before whom the summons is heard, to remove the objection by a deposit with the Director of Finance and Planning of such sum of money as the judge may direct for the purpose of making the security sufficient.
(2) If the petitioner does not remove the objection by deposit of the sum of money so directed to be deposited within the period fixed by the order of the judge, no further proceedings shall be taken on the petition which shall thereafter stand dismissed.