Section 9
SEC. 9. At the time of filing the acceptance mentioned in the last preceding section, the grantee shall deposit in the Insular Treasury a bond of two thousand pesos, Philippine currency, as an earnest of the good faith of his application and a guarantee for the completion of the work. In case that after such deposit of two thousand pesos has been made, the work to be done under this franchise is not begun within the time specified, or is not completed within the time provided, said deposit shall be forfeited to the municipality as liquidated damages for the breach of the contract involved in the acceptance of this franchise, and this franchise shall thereupon be and become null and void. In case of the fulfillment of the conditions by this section provided, said deposit of two thousand pesos shall be returned by the Insular Treasurer to the grantee, upon proper certificate of the district engineer of the fulfillment of said conditions.