RA 4609 Section 10

Section 10

SEC. 10. Upon the written acceptance of the terms and conditions of this franchise, the grantees shall deposit with the Treasurer of the Philippines five thousand pesos or negotiable bonds of the Government of the Philippines or other securities approved by the Secretary of Public Works and Communications, of the face value of five thou­sand pesos, as an earnest of good faith in accepting this franchise and guaranty that, within six months from the date of the granting by the Public Service Commission of a certificate of convenience and public necessity author­izing construction and operation by the grantees of a tele­phone service in the municipalities of Tanjay, Bais, Manjuyod, and Pamplona, Province of Oriental Negros, the grantees, their successors or assigns, will be completely provided with the necessary equipment and ready to begin operation in accordance with the terms of this franchise: Provided, That if the deposit is made in money the same shall be deposited at interest in some interest-paying bank approved by the Secretary of Public Works and Commu­nications, all interest accruing and due on such deposit shall be collected by the Treasurer of the Philippines and paid to the grantees, their successors or assigns, on de­mand: And provided, further, That if the deposit made with the Treasurer of the Philippines be in negotiable bonds of the Government of the Philippines or other interest bearing securities approved by the Secretary of Public Works and Communications, the interest on such bonds or securities shall be collected by the Treasurer of the Philippines and paid over to the grantees, their suc­cessor or assigns, on demand. Should the said grantees, their successors or assigns, for any other cause than the act of God, the public enemy, usurped or military power, martial law, riot, civil commotion or inevitable cause, fail, refuse or neglect to begin within' twelve months from the date of the granting of said certificate of convenience and public necessity, the business of transmitting messages by telephone or fail, refuse, or neglect to be fully equipped and ready to operate, within twelve months from the date of the granting of said certificate of convenience and public necessity, the telephone service in the municipalities of Tanjay, Bais, Manjuyod, and Pamplona, Province of Oriental Negros, applied for by the grantees according to the terms of this franchise, then the deposit prescribed by this section to be made with the Treasurer of the Philippines whether in money, bonds of other securities, shall become the prop­erty of the National Government as liquidated damages caused to, such Government by such failure, refusal or neg­lect, and thereafter no interest on said bonds or other se­curities deposited shall be paid to the grantees, their suc­cessors or assigns; but should they begin the business of transmitting messages by telephone and be ready to operate according to the terms of this franchise the telephone serv­ice in the municipalities of Tanjay, Bais, Manjuyod, and Pamplona, Province of Oriental Negros, within twelve months from the date of the granting of said certificate of convenience and public necessity, then and in that event the deposit prescribed by this section shall be returned by the National Government to the grantees, their successors or assigns, upon the recommendation of the Public Service Commission, as soon as the telephone service in said prov­ince applied for by the grantee has been installed in ac­cordance with the terms of this franchise: Provided, how­ever, That all the time during which the grantees, their successors or assigns, may be prevented from carrying out the terms and conditions of this franchise by any of said causes shall be added to the time allowed by this franchise for compliance with its provisions.