Section 11
SEC. 11. Within ten 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 Secretary of Commerce and Police his acceptance in writing of the franchise hereby granted, and at the same time shall deposit in the Insular Treasury the sum of two thousand pesos, or other negotiable securities of equal value approved by the Governor-General. Said deposit of two thousand pesos shall be made as a guaranty for the faithful performance of the obligations of the franchise: Provided, That if work on said tramway shall be commenced by the grantee within the time specified in section four hereof, said sum may be repaid to him as the work progresses in monthly installments in the proportion which the work clone bears to the whole project.