The applicant shall also, at the same time, file with the Banking Board a surety company bond to the territory, in the sum of $7,500, to be approved by the Banking Board, for the use of the territory and of any person who may have a cause of action against the principal in said bond under the provisions of this subchapter and conditioned that he will conform to and abide by each provision of this subchapter and will pay to the territory and to any such person any sum that may become due or owing to the territory or to such person from said principal under and by virtue of the provisions hereof.