If the provisions under which any license is to be issued require the licensee to furnish a bond, the bond shall be duly executed by the licensee and a corporate surety, and shall be furnished to the Manager-Clerk at the time the application is filed or as soon thereafter as the Manager-Clerk shall request. The bond shall be in an amount and with those penalty provisions as shall be required by the aforementioned provisions and shall be approved as to form, execution, surety, and amount by the Manager-Clerk. The bonds may be in a form as will terminate with the annual license period or may be in a form so as to provide for automatic renewal in the event the license is renewed.
(`74 Code, § 400:18)