Section 9
SEC. 9. For every certificate of public necessity arfld convenience obtained by it, the grantee shall be required by the Public Service Commission or its legal successor to make a deposit of not less than one thousand pesos, Philippine currency, or negotiable bonds of the United States or other securities approved by the Public Service Commission or its legal successor of a face value of not less than one thousand pesos, Philippine currency, such deposit to be made in the Insular Treasury, within a period to be fixed by the Public Service Commission or its legal successor as an earnest of good faith and a guaranty that the grantee will begin and complete the work within the period fixed by the Commission or its legal successor, and be completely provided with the necessary equipment therefor, and ready to begin operation of the electric light, heat, and power service in the municipality or municipalities concerned within the period fixed by the Public Service Commission, or its legal successor as herein provided. Upon determination by the Public Service Commission or its legal successor after a hearing upon reasonable written notice to the grantee that the grantee has violated any of the provisions of this section as to the commencement and or completion of the work authorized by a certificate or certificates of the Public Service Commission or its legal successor, the said Commission or its legal successor shall declare the bond or bonds forfeited as liquidated damages and not as a penalty to the municipality in which the failure to perform occurred. If the failure occurred in more than one municipality, the Public Service Commission or its legal successor shall determine the portion which each municipality shall receive. The Public Service Commission or its legal successor shall order the return of the deposit herein required, together with any interest or dividends thereon received by the Insular Treasurer, to the grantee upon the satisfactory completion of any work authorized by its certificate or certificates of public necessity, in accordance with the terms and conditions of the certificate or certificates obtained, and the Insular Treasurer shall return said deposit to the grantee together with said interest and or dividends immediately upon presentation to him of a certified copy of such order of the Public Service Commission or its legal successor.