Every licensee under the provisions of this subchapter shall file with the Clerk a bond in the sum of $50,000, with sureties to be approved by the Mayor and City Council, conditioned to indemnify the city for any loss, damage, or expense occasioned by the licensee, by any act or failure to act of the licensee, or by any failure of the licensee to comply with this subchapter.
(1969 Code, § 6-88) Penalty, see § 10.99