Republic Acts1 min read
Section 7Sec./Art. 7
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Bond. - The grantee shall file a bond issued in favor of the CAB, which shall determine the amount, to guarantee the compliance with and fulfillment of the conditions under which this franchise is granted. If, after three (3) years from the date of approval of its permit by the CAB, the grantee shall have fulfilled the same, the bond shall be cancelled by the CAB. Otherwise, the bond shall be forfeited in favor of the government and the franchise ipso facto revoked.
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