Section 13
SEC. 13. To secure the performance of the provisions of section Deposit, eleven the grantee shall, within nine months after the passage of this Act, deposit with the Insular Treasurer the sum of fifty thousand pesos in money or securities to be approved by the Governor-General: Provided,however, That if the deposit be made in money the same shall be deposited at interest in some interest-paying bank and all interest accruing on such deposit shall be collected by the Insular Treasurer and paid to the grantee, his successors or assigns, on demand : And provided further, That if the deposit made with the Insular Treasurer be negotiable bonds or other interest-bearing securities the interest on the same shall be collected by the Insular Treasurer and paid over to the grantee, his successors or assigns, on demand: Provided, That the said sum of fifty thousand pesos shall Repayment. be repaid by the said Treasurer to the grantee in the event of the faithful performance by the grantee of all the conditions of this franchise and of all the obligations herein imposed on the grantee whenever, within the period hereinbefore fixed, three-fourths of the plant, including at least fifty kilometers of pipe lines, covered by this franchise shall have been constructed. If, however, the grantee shall, within the time required, fail to perform the obligations of his contract, then the Insular Treasurer shall by appropriate action recover as liquidated damages for the breach thereof the sum of fifty thousand pesos so deposited.