18(1)The bond required to be furnished to the Registrar by the dealer under section 54 of the Act shall be in the amount of ten thousand dollars.

18(2)The bond shall secure a purchaser against damages and provide compensation therefor.

18(3)A copy of the bond shall be filed with the Registrar at the time of application or a renewal of a licence.

18(4)The bond shall not be cancelled or permitted to expire except after sixty days written notice to the Registrar.