Agreement to be executed by grantee

When the application for a grant has been accepted, the applicant shall execute a bond in the prescribed form undertaking to apply the money to the purpose or purposes for and to fulfil the conditions in which the grant was made and shall undertake that if it is not used for such purposes or if there is any breach of such conditions, the amount of the grant shall be realisable as if it was a loan made under section 5 of this Act.