Republic Acts1 min read
Section 7Sec./Art. 7
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Bond. - The grantee shall file a bond issued in favor of the Civil Aeronautics Board, 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 the approval of its permit by the Board, the grantee shall have fulfilled the same, the bond shall be canceled by the Board. Otherwise, the bond shall be forfeited in favor of the government and the franchise ipso facto revoked.
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