Section 50. No foreign corporation shall engage in the business of wrecking or salvaging in the navigable waters of the commonwealth without first obtaining a license therefor from and filing a bond with the department. The license, effective for one year from the date of its issue, shall be granted upon payment of a fee, to be determined annually by the commissioner of administration under the provision of section three B of chapter seven. The bond shall run to the state treasurer in a sum and with security satisfactory to the department, and shall be conditioned upon payment by the licensee of such amounts as shall lawfully be due to any person for damage to person or property caused by any act of the corporation, its agents or servants, in the commonwealth. Whoever violates this section shall be punished by a fine of not less than fifty nor more than three hundred dollars.
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