Republic Acts1 min read
Section 18Sec./Art. 18
Personal notes Saved on this device
0 / 5,000 charactersReport page issue
Answer First
Primary Text
Guarantee Bond for Compliance with Conditions of Franchise: Effect of Noncompliance. Within forty (40) days after the effectivity of this Act, the grantee shall file a bond in the amount of One million pesos (P1,000,000) to guarantee for the full compliance with the fulfillment of the conditions under which this franchise is granted. In the event the grantee fails to fulfill any of the said conditions, this franchise shall become null and void and the bond shall be forfeited in favor of the government.
Use With Care
Definitions and exceptions often appear before or after this text.
Court decisions may interpret, limit, or apply this provision.
Confirm amendment, repeal, effectivity, and official publication.