Section 10
SEC. 10. Within thirty days after the map or plan of the tramway furnished by the grantee is returned to him by the Consulting Engineer finally approved, the grantee shall file with the Secretary of Commerce and Police his acceptance in writing of the franchise granted by this Act and at the same time shall deposit in the provincial treasury of Ambos Camarines the sum of one thousand pesos, Philippine currency, or negotiable bonds of the United States or other securities of equal value approved by the Civil Governor. Said deposit of one thousand pesos. Philippine currency shall be made as an earnest of good faith of the acceptance and as a guaranty that within six months from the date of said acceptance the sum of nine thousand pesos, Philippine currency, or negotiable bonds of the United States or other securities of equal value approved by the Civil Governor shall be deposited with the provincial treasurer of said province. The whole deposit of ten thousand pesos, Philippine currency, thus made, shall be retained in the provincial treasury as security for the completion of the work and operation of the tramway for its entire Length within twelve months from the date of acceptance. In case said deposit of nine thousand pesos, Philippine currency, is not made as herein set out or the grantee fails to commence the work within six months after the acceptance of the franchise, the deposit of one thousand pesos, Philippine currency, made on the acceptance of the franchise, shall be forfeited to the municipality of Daet. In case the tramway shall not be completed and put in operation for the public convenience within twelve months from the date of acceptance, the whole deposit shall be forfeited as liquidated damages for breach of the contract created by the acceptance of the franchise, and such deposit shall be divided equally between said municipality of Daet and the Province of Ambos Camarines: Provided, However, That any moneys deposited with the provincial treasurer may, with the approval of the Civil Governor, be paid by the provincial treasurer to the grantee monthly or quarterly in the proportion which the work done bears to the whole work to be done, such proportion to be certified by the Consulting Engineer to the Commission or his duly authorized subordinate. If the deposits required by this section to be made by the grantee, or either of them, is in interest bearing bonds or other interest bearing securities, the interest shall be collected by the provincial treasurer of Ambos Camarines and shall be turned over to the grantee as it is collected, unless the grantee shall fail to perform the obligations required of him by this franchise, in which case the accruing interest shall be withheld by the said provincial treasurer and shall constitute a part of the deposit to be divided equally between the Province of Ambos Camarines and the municipality of Daet as liquidated damages resulting from the default of the grantee.