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 Director of Public Works finally approved, the grantee shall file with the Governor-General his acceptance in writing of the franchise granted by this Act and at the same time shall deposit in the provincial treasury of Tarlac the sum of two thousand pesos, or negotiable bonds of the United States or other securities of equal value, approved by the Governor-General. Said deposit of two thousand pesos shall be made as an earnest of good faith of the acceptance of the franchise and as a guaranty that within six months from the date of said acceptance the sum of nine thousand pesos, or negotiable bonds of the United States or other securities of equal value approved by the Governor-General, shall be deposited with the provincial treasurer of said province. The whole deposit of eleven thousand pesos 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 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 two thousand pesos made on the acceptance of the franchise shall be forfeited and shall be paid by the provincial treasurer of Tarlac to the Province of Tarlac and to the municipalities of Panique and Gamiling, one-third to each. 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 this franchise, and such deposit shall be divided equally between said municipalities of Panique and Camiling and the Province of Tarlac: Provided, however, That any moneys deposited with the provincial treasurer may, with the approval of the Governor-General, 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 Director of Public Works or his duly authorized subordinate. If the deposits required by this section to be made by the grantee, or either of them, are in interest-bearing bonds or other interest-bearing securities, the interest shall be collected by the provincial treasurer of Tarlac 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 Tarlac and the municipalities of Panique and Camiling as liquidated damages resulting from the default of the grantee.