No corporation or person shall be licensed under the provisions of this act unless and until it has deposited with the commission in cash or bonds of the United States or of the State of Pennsylvania or of cities, counties, boroughs, or school districts of this Commonwealth, or of any authority created by the State or any political subdivision or any other state of the United States, approved by the commission of the clear market value of one hundred thousand dollars ($100,000), as security for the fulfillment of its contracts made heretofore or hereafter with residents of Pennsylvania. Exchanges of such bonds may be made from time to time with the approval of the commission. If any of said bonds are called for payment, the proceeds thereof shall remain in the hands of the commission until other bonds of the character described in this section shall be substituted in like amount for the bonds so paid. The corporation or person making such deposit shall be entitled to the income thereon.