Security from certain classes of dealers and other persons Rules 22 to 25

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....alisation of tax, composition money or other dues payable under this Act or as a condition of registering a person as a dealer or as a condition of making a refund under section 38 of this Act 2[or as a condition of de-sealing or release under sub-section (4) of section 60,], require a person or prescribed class or persons to furnish security for the proper performance of their responsibilities un....

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....becomes insolvent, the person shall within one month of the occurrence of such event, inform the Commissioner and shall within three months of such occurrence, execute a fresh surety bond. (4) Where the surety bond has been executed by another registered dealer and the dealer's registration is either cancelled or he has closed down his business, the person shall furnish a fresh security as may be....