10Effect of security

10.—(1.) Whenever any security is put in suit by a prescribed authority, the production thereof shall, without further proof, entitle the prescribed authority to judgment against the defendants appearing to have executed the same for their respective stated liabilities, unless the defendants prove that—

(a) the conditions of the security have been complied with;

(b) the security was not in fact executed by them;

(c) the prescribed authority has discharged the defendants from all liability under or in respect of the security;

(d) the defendants have already paid the amount of the security to the prescribed authority; or

(e) the security has been otherwise satisfied.

(2.) Any amount recovered in respect of a security shall be paid into the Consolidated Revenue Fund of the Commonwealth.

Security not subject to stamp duty.