                                 CODE OF VIRGINIA

BOND (§ 58.1-630)

The Tax Commissioner may, when in his judgment it is necessary and advisable so
to do in order to secure the collection of the tax levied by this chapter,
require any person subject to such tax to file with him a bond, with such surety
as the Tax Commissioner determines is necessary to secure the payment of any
tax, penalty or interest due or which may become due from such person. In lieu
of such bond, securities approved by the Tax Commissioner may be deposited with
the State Treasurer, which securities shall be kept in the custody of the State
Treasurer, and shall be sold by him, at the request of the Tax Commissioner, at
public or private sale if it becomes necessary so to do in order to recover any
tax, penalty or interest due the Commonwealth under this chapter. 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.

HISTORY: Code 1950, § 58-441.31; 1966, c. 151; 1984, c. 675.