Section 9
SEC. 9. Upon the acceptance of this franchise, the grantees shall deposit in the Insular Treasury or with any of its agents in the Province of Masbate, one thousand pesos, or negotiable bonds of the United States or other securities approved by the Secretary of Commerce and Communications, 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 in accordance with the terms of this franchise: Provided, however, That if such deposit is in cash, it may be made in some official depository of the Government in the name of the grantees and subject to the order of the Insular Treasurer, who shall retain the evidence of the deposit so made. In this case, as well as in the case of the deposit being made in negotiable bonds or other securities, as provided in this section, the interest of the cash deposit or of the bonds or securities, if any, shall belong to the grantees. In case such grantees, their 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 six months from the date of the acceptance of this franchise, or shall fail to provide the necessary equipment and be ready to operate within eighteen months after 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 Masbate, as damages for the breach of the implied contract involved in the acceptance of this franchise. In case the grantees, their successors or assigns begin to operate the electric light, heat, and power service, or are ready for operation under this franchise, within the time limits specified, the deposit provided for in this section shall, upon recommendation by the Public Utility Commission or its legal successor, be returned by the Insular Treasury to said grantees: Provided, That the time during which such grantees, their successors or assigns have been prevented by any of the causes above referred to from carrying out the terms and conditions of this franchise, shall be added to the time granted by this franchise for the fulfillment of its conditions.