|CHAPTER 1 - CUSTOMS AND EXCISE (1ST BOOKLET) CODE | HOME|
|161. General provisions relating to giving of security.|
|Commissioner may require security.||Provisions relating to sureties.|
|General provisions relating to giving of security.||161. (1) Where security is required to be given under this Act, then the security may be given to the satisfaction of the Commissioner either -
(a) by bond, in such sum and subject to such conditions and with such sureties as the Commissioner may reasonably require; or
(b) by cash deposit; or
(c) partly by bond and partly by cash deposit.
(2) Where security is required to be given under this Act for any particular purpose, then the security may, with the approval of the Commissioner, be given to cover any other transactions which the person giving the security may enter into within such period as the Commissioner may approve.
(4) Where a bond given under this Act is discharged, then the Commissioner shall cause the bond to be cancelled and an endorsement to that effect made thereon.
(5) A bond given under this Act shall, notwithstanding that the bond or any surety thereto is given by a person under the age of eighteen years, be valid and enforceable as if it were so given by a person of full age.