210Deposit of securities

210 Deposit of securities

(1) Any subscriber to a security taken for compliance with the Excise Acts may deposit with the Collector: Cash; and/or Commonwealth Bonds; and/or Negotiable instruments approved by the Collector of a value equal to the full amount of the liability stated in the security. (2) If the Collector obtains judgment against the subscriber in a suit upon the 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 the Collector’s 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 a security taken for compliance with the Excise Acts 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 the Collector to effectually dispose thereof.