(a) No license shall be granted and issued to any applicant until he has filed with the licensor an approved bond, payable to the county or city in which such license is to be granted and issued, in the amount of one thousand dollars ($1,000). Such bond shall have as surety a duly authorized surety company.(b) Every such bond shall be conditioned for the faithful observance of the provisions of this act and regulations of the department formulated hereunder. Every such bond shall be filed with and retained by the licensor and a record thereof made in alphabetical order, which record shall be open to public inspection. Every such bond shall be turned over to the district attorney of the proper county or to the city solicitor to be collected if, and when, the licensee's license shall have been revoked and his bond forfeited as provided in this act.1947, May 2, P.L. 143, § 5.