272

Every person licensed under the provisions of this chapter shall execute and deposit with the Commissioner of Licensing and Consumer Affairs a bond in a sum of not less than $2,000 and with such number of sureties as the appropriate Board may determine, to be conditioned upon the faithful performance of all work in accordance with applicable electrical or plumbing codes and regulations, as the case may be, that such licensee will pay all fines and penalties properly imposed upon him for violation of the provisions of this chapter and any other applicable law and that the Government of the Virgin Islands shall be kept harmless from the consequences of any and all acts of the said licensee during the period covered by such bond. No license issued pursuant to this chapter shall be valid unless a bond is executed and deposited as provided by this section. Pursuant to the powers granted by section 264 of this chapter, a Board may by regulation uniformly increase the amount of any bond required by this section.