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This entry was published on 2014-09-22
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Bonds of distributors
§ 422. Bonds of distributors. The tax commission may require any
distributor to file with the department of taxation and finance a bond
issued by a surety company approved by the superintendent of financial
services as to solvency and responsibility and authorized to transact
business in the state or other security acceptable to the tax
commission, in such amount as the tax commission may fix, to secure the
payment of any sums due from such distributor pursuant to this article.
The tax commission may require that such a bond or other security be
filed before a distributor is registered, or at any time when in its
judgment the same is necessary as a protection to the revenues under
this article. If securities are deposited as security under this
subdivision, such securities shall be kept in the joint custody of the
comptroller and the commissioner of taxation and finance and may be sold
by the tax commission if it becomes necessary so to do in order to
recover any sums due from such distributor pursuant to this article; but
no such sale shall be had until after such distributor shall have had
opportunity to litigate the validity of any tax if it elects so to do.
Upon any such sale, the surplus, if any, above the sums due under this
article, shall be returned to such distributor.