Section 1
SECTION 1. Section four of Republic Act Numbered one hundred and fifteen, is amended to read as follows:
"SEC. 4. Any person, corporation, association or partnership which shall fail to pay upon demand the amount collectible under the provisions of this Act or of any rules or regulations promulgated thereunder shall be liable for the payment of a surcharge of twenty-five per centum of the amount due. For failure to pay the amount due including surcharge within sixty days after the same has become due and payable, the same shall be considered as sufficient cause for the cancellation of the license and the forfeiture of the corresponding bond deposit of the licensee."