Section 58: Security

58. Security (1) In order to comply with this Part, a security shall— (a) be given by— (i) an insurer licensed under the Insurance Act; or (ii) some body of persons approved by the Minister, which carries on the business of giving securities of a similar nature and has deposited and keeps deposited with the Accountant-General the sum of 300,000 rupees in respect of that business; and (b) consist of an undertaking by the giver of the security to make good, subject to any conditions specified in the security and up to the amount— (i) in the case of an undertaking relating to the use of a public service vehicle, of not less than 250,000 rupees; and (ii) in any other case, of not less than 100,000 rupees, any failure by the owner of the vehicle or such other persons or classes of persons as may be specified in the security, and to duly discharge such liability as is required to be covered by a policy of insurance under section 57, which may be incurred by him or them. (2) (a) A security shall be of no effect for the purposes of this Part unless and until there is issued, by the person giving the security, to the person to whom it is given, a certificate of security in the prescribed form and containing particulars of any conditions subject to which the security is issued and of such other matters as may be prescribed. (b) In a security given under paragraph (a), different forms and different particulars may be prescribed in relation to different cases or circumstances. [S. 58 amended by Act 48 of 1991 w.e.f. 12 March 1992; s. 132 (4) (c) of Act 21 of 2005 w.e.f.28 September 2007.]