I-3 - Taxation Act

Section 1033.5 Disposition versions

2006-03-01

1033.5. Subject to section 1033.11, if it is determined at any particular time that security accepted by the Minister under section 1033.2 is not adequate to secure the particular amount for which it was furnished by or on behalf of an individual, the following rules apply:

(a)  subject to a subsequent application of this section, the security shall be considered after the particular time to secure only the amount for which it is security considered satisfactory at the particular time;

(b)  the Minister shall notify the individual in writing of the determination and shall accept security satisfactory to the Minister, for all or any part of the particular amount, furnished by or on behalf of the individual within 90 days after the day of notification; and

(c)  any security accepted in accordance with paragraph b is deemed to have been accepted by the Minister under section 1033.2 on account of the particular amount at the particular time.

2004, c. 8, s. 180.