(a) The security shall be:
(i) For the protection, use and benefit of all persons whose applications for membership in a motor club have been accepted by the club or its representative;
(ii) Subject to the following conditions and, if a bond, shall be so expressly conditioned:
(A) The club will faithfully furnish and render to members any and all of the motor club services sold or offered for sale by it;
(B) The club will pay any fines, fees or penalties imposed upon it under or pursuant to this act.