Section 16
SEC. 16. As a condition of the granting of this franchise, the grantee shall execute a bond in favor of the Common-wealth Government, in the sum of fifty thousand pesos, in a form and with surety satisfactory to the Secretary of Public Works and Communications conditioned upon the faithful performance of the grantee's obligation hereunder during the first three years of the life of this franchise. If, after three years from the date of issuance of the license referred to in section five hereof, the grantee shall have fulfilled said obligation or so soon thereafter as the grantee shall have fulfilled the same, the bond aforesaid shall be cancelled by the Secretary of Public Works and Communications.