Section 103: Realisation of security

103. Realisation of security (1) Where the Authority is satisfied that any security furnished under section 101 is to be applied towards payment of any amount due to persons referred to in that section, it may, by written notice served on the bank, require the bank to pay over to the Authority the amount of the security. continued on page G2 – 49 [Issue 6] G2 – 48 (2) Revised Laws of Mauritius (2) Where a licensee who has furnished a security under section 102 fails to pay any duty or tax within the time specified in the conditions of the security, the Director-General may, by written notice served upon the bank, require the bank to pay over to the Mauritius Revenue Authority the amount of the security. (3) On receipt of a notice under subsection (1) or (2), the bank shall forthwith pay the amount of the security to the Authority or DirectorGeneral, as the case may be. (4) Where the amount of the security is applied for the purposes specified in subsection (1), no claim shall be receivable in respect of any sum paid by the Authority to any person. (5) Where any payment is effected pursuant to subsection (4), the Authority shall— (a) so inform the licensee in writing; and (b) refund to the bank any balance of the amount of the security remaining after the payment. (6) The licensee shall, pursuant to subsection (5), furnish a fresh security to the Authority in the amount specified in the Fourth Schedule, within such time as may specified by the Authority. (7) Where the licensee fails to furnish a fresh security referred to in subsection (6), the Board may revoke his licence. [S. 103 amended by s. 19 (c) of Act 14 of 2009 w.e.f. 30 July 2009.] (S. 103 came into operation on 6 December 2007.)