The director may, when necessary and advisable in order to secure the collection of the tax levied under this chapter, authorize any person subject to such tax, and any permit holder required or authorized to collect such tax pursuant to the provisions of sections 423.9 and 423.10, to file with the department a bond, issued by a surety company authorized to transact business in this state and approved by the insurance commissioner as to solvency and responsibility, in such amount as the director may fix, to secure the payment of any tax, amount, or penalties due or which may become due from such person. In lieu of such bond, securities approved by the director, in such amount as the director may prescribe, may be deposited with the department, which securities shall be kept in the custody of the department and may be sold by the director at public or private sale, without notice to the depositor thereof, if it becomes necessary to do so in order to recover any tax or penalties due. Upon any such sale, the surplus, if any, above the amounts due under this chapter shall be returned to the person who deposited the securities.
[C39, § 6943.115; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 423.15]
Referred to in §422B.9
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