25Deposits by subscribers to Customs securities

#### 25 Deposits by subscribers to Customs securities (1) A subscriber to a Customs security may deposit with the Collector: (a) cash; (b) Commonwealth Bonds; (c) negotiable instruments approved by the Collector; or (d) any combination of cash, Bonds or negotiable instruments; of a value equal to the full amount of the liability stated in the security. (1AA) A requirement made under subsection 71DA(6) or 71DL(6) of the Act may be in accordance with Form 45AA. (1A) If, under subsection 71DA(6) or 71DL(6) of the Act, an officer has required the owner of goods to verify particulars shown in the import declaration or warehouse declaration that relates to the goods, a Collector may, before delivering the goods or giving an authority under section 71C or 71DJ of the Act to deal with the goods, take security from the owner in the manner set out in subregulations (1B) and (1C). (1B) The security is a cash payment of the amount that the Collector considers necessary for compliance with the Act and for the protection of the revenue of the Customs. (1C) If the Collector takes security from the owner of the goods, the Collector must enter into an agreement with the owner in the terms of Form 45A. (2) If the Collector obtains judgment against the subscriber in a suit upon the Customs Security the Collector may appropriate so much of the deposit as is sufficient to satisfy the judgment and costs. If the deposit is not sufficient to satisfy fully the judgment and costs the Collector may exercise all powers of enforcing the judgment by execution or otherwise to obtain payment of the balance remaining due under the judgment. (3) Whenever the right to appropriate a deposit arises under this regulation, the Collector may (if the deposit or any part thereof is not cash) dispose of the deposited Bonds or negotiable instruments or any of them by auction or private sale or otherwise in such manner as in his opinion is most favourable to the subscriber, and the net proceeds of such disposition shall for all the purposes of this regulation be deemed to have been a deposit of cash by the subscriber, and may be appropriated wholly or partly accordingly. (4) A certificate signed by the Collector stating the Bonds or negotiable instruments disposed of and the net proceeds of such disposition shall be proof of the matter stated. (5) Any portion of the deposit appropriated as aforesaid shall become the property of the Commonwealth absolutely. (6) When the Customs Security expires or is cancelled, discharged, released or satisfied, the subscriber shall be entitled to a return of so much (if any) of the deposit as shall not have been appropriated under this regulation. (7) When Bonds or negotiable instruments bearing interest are deposited under this regulation the subscriber shall be entitled to collect as it falls due and retain any interest payable thereon before the bonds or instruments are disposed of by the Collector under this regulation. (8) If any deposited Bonds or negotiable instruments are not payable to bearer the subscriber shall at the time of the deposit lodge with the Collector duly executed transfers or assignments thereof in such form as will enable the Collector to effectually dispose thereof, and shall at the request of the Collector execute any transfers or assignments the Collector may from time to time deem necessary or convenient to enable him to effectually dispose thereof.