Section 2
SEC. 2. Section nine of the same Act is hereby amended to read as follows: "SEC. 9. At the time of filing the acceptance of this franchise, the grantee, his successors or assigns shall have deposited in the Insular Treasury or with any of its agents in the Province of Ambos Camarines, one thousand pesos, or negotiable bonds of the United States or other securities approved by the Secretary of Commerce and Commications, of the face value of one thousand pesos, as an earnest of good faith and a guarantee that they will begin the electric light, heat, and power business and may be completely provided with the necessary equipment therefor and ready to begin operation under this franchise: Provided, however, That if such deposit is in cash, it shall be deposited at interest in some bank and the interest shall be paid by the Insular Treasury to the grantee, his successors assigns, at their request: And provided, further, That the deposit made in the Insular Treasury or with any of its agents in the Province of Ambos Camarines is in negotiable bonds of the United States or other interest bearing securities, the interest shall be collected by the Insular Treasurer and paid to the grantee, his successors or assigns, on their demand. "In case such grantee, his successors or assigns shall fail, refuse, or neglect, unless prevented by fortuitous cause or force majeure, the public enemy, usurped or military power, martial law, riot, civil commotion or other inevitable cause, to commence the work for the electric light, heat and power service within three months from the date of the acceptance of this franchise, or shall fail to provide the necessary equipment and be ready to operate within six months from the date of such acceptance in accordance with the terms of this franchise, then the deposit prescribed in this section and in the possession of the Insular Treasurer, whether in cash, bonds or other securities, shall be forfeited to the municipal government of Naga as damages for said failure: Provided, That in case the grantee begins the work within the time specified, the funds deposited may, upon recommendation of the Public Utility Commission or its lawful successor, be returned to him m monthly or quarterly installments as the work progresses, in the proportion which the work completed bears to the work still to be done: Provided, further, That the Insular Treasurer may accept duly executed bonds of a surety company instead of the deposit in cash, negotiable bonds or other securities required by this section."