16. Every person applying for a license other than that of agent shall previously furnish security for an amount of five thousand dollars as guarantee for the payment of the hereinafter mentioned damages and of every sum that such person may owe under this act, save that which may be imposed as penalty for infringements thereof. Such security shall be deposited in the office of the Minister of Finance.
R. S. 1964, c. 158, s. 16.