Section 5
SEC. 5. Within ninety days after the acceptance by the grantee of the conditions of this franchise, as provided by section three, the grantee shall deposit in the Treasury of the Philippine Islands, in favor of the Government of the Philippine Islands, the sum of one hundred thousand pesos in securities approved by the Governor-General, or shall give a bond in a like sum to be approved by the Governor-General as security for the compliance by the grantee with this franchise: Provided, That if the grantee shall complete the construction as provided by section four, the said deposit shall be returned to the said grantee or the said bond shall be canceled, as the case may be. But if the grantee within the time mentioned shall fail to comply with his obligations under section four, the Government of the Philippine Islands may, by appropriate action recover the said sum or declare a forfeiture of the bond as liquidated damages. If the said deposit shall be of interest bearing securities, the interest upon the same shall be collected by the Insular Treasurer and paid to the grantee, provided the said grantee complies with the conditions herein prescribed; otherwise, and in case of forfeiture, the accrued interest shall also be forfeited to the Government of the Philippine Islands.