If, in lieu of a bond, an applicant assigns to the county savings and loan certificates,
he shall agree in writing that if the business license commission finds that any person
sustains any pecuniary loss through any act of grand or petty theft or other wrongful
act on the part of the principal, his agent(s) or employee(s), the county may redeem
a sufficient number of such certificates and from the proceeds reimburse such person
for loss sustained.
