[Amended 5-20-1970 by Ord. No. 392]
No license or other consent shall become effective and no such operation shall be permitted until the owner of such autobus shall have filed with the Clerk an insurance policy or a certificate thereof of a company duly licensed to transact business under the insurance laws of the State of New Jersey, in the sum of not less than $100,000 to satisfy all claims for damages by reason of bodily injury to or the death of any one person resulting from an accident, and a sum of not less than $300,000 to satisfy all claims for damages by reason of the bodily injuries to or the death of all persons on account of any such accident, by reason of the ownership, operation, maintenance or use of such autobus upon any public street; and conditioned for the payment of a sum not less than $50,000 to satisfy any claim for damages to property of any one person resulting from an accident, and a sum not less than $50,000 to satisfy all claims for damages to property of all persons on account of any such accident, by reason of the ownership, operation, maintenance or use of such autobus upon any public street.