ALBERT C. RITCHIE, GOVERNOR. 1125

to at least $1, 000 in any one accident; provided, however,
that owners who file with the Commissioner of Motor Ve-
hicles satisfactory proof of their financial ability to pay
any judgment rendered against them as aforesaid shall not
be required to provide either a bond or the insurance policy
mentioned in the preceding section.

(c) The liability of the obligor under the bond or the in-
surer under the insurance policy herein provided for shall
become absolute whenever loss or damage covered by such
bond or policy occurs, and the satisfaction by the owner of
a final judgment for such loss or damage shall not be a con-
dition precedent to the right or obligation of the said obli-
gor or insurer to make payment on account of such loss or
damage, provided always that the obligor or insurer shall
have the right to settle any claim covered by the policy,
and if such settlement is made in good faith the amount
thereof shall be deductible from the limits of liability spe-
cified in the bond or policy. Any cancellation or annul-
ment shall be void unless the Commissioner of Motor Ve-
hicles shall be notified by the obligor or insurer of said can-
cellation or annulment at least ten (10) days before the
effective date of such cancellation or annulment, and until
such notice shall be duly given such bond or policy shall
continue in full force and effect, and if any bond or policy
certified under the provisions of this Act shall expire, the
Commissioner shall be notified at least ten (10) days before,
the effective, date of such expiration, and until such notice
shall be1 duly given such bond or policy shall continue in
full force and effect, provided, however, that no bond or
policy shall be cancelled or annulled as respects any loss or
damage by any agreement between the obligor or insurer
and the owner after the owner has become responsible for
such loss or damage. When any bond or policy of an
owner has been cancelled, annulled or has expired, the
Commissioner of Motor Vehicles shall revoke the permit of
such owner unless, before the effective date of the cancella-
tion, annulment or expiration of such bond or policy an-
other bond, or policy is secured and certified copy thereof
is filed according, to the provisions of this Act.

(d) The Commissioner of Motor Vehicles shall issue
the permit provided for in this section upon compliance
with the conditions hereof. There shall be issued one per-
mit only per motor vehicle covered by the bond or policy
herein required. This permit shall be in convenient form
and shall recite the manufacturer's engine number and any
other identifying descriptions or information as the Com-