(A) In lieu of the policy or policies of insurance herein provided for, the applicant may furnish a bond executed by a solvent and responsible surety company authorized to do business in the state; provided that an applicant seeking a permit to operate not more than one taxicab shall file such a bond, as hereinbefore provided, in the sum of $11,000; more than one taxicab and not more than 5 taxicabs a bond of $21,000; more than 5 taxicabs and not more than 10 taxicabs a bond of $31,000.
(B) The bond shall contain a further provision obligating the surety or sureties to give 20 days' notice before a cancellation by the surety or sureties of the bond to the director of public service and safety.
('59 Code, § 761.17) Penalty, see § 115.99