No license shall be issued for a private detective agency or merchant patrol business until the applicant files with the chief of police a surety bond executed by such applicant with a surety company authorized to transact business in this state in the sum of ten thousand dollars ($10,000.00) as might be approved by the city attorney. Such bond shall be approved by the city attorney as to form, execution and sufficiency of sureties. The bond or approved security required in this chapter shall be taken in the name of the people of the city, and every person injured by the negligent, wilful, malicious or wrongful act of the principal, his agent, servant or employee in the conduct of the licensee's business may bring an action on the bond in his own name to recover damages for such negligent, wilful, malicious or wrongful act. (Prior code § 5-22-6)