State Codes and Statutes

Statutes > New-york > Tax > Article-18 > 422

§  422.  Bonds  of  distributors.  The  tax commission may require any  distributor to file with the department of taxation and finance  a  bond  issued  by  a surety company approved by the superintendent of insurance  as to solvency and responsibility and authorized to transact business in  the state or other security acceptable to the tax  commission,  in  such  amount  as the tax commission may fix, to secure the payment of any sums  due from such distributor pursuant to this article. The  tax  commission  may  require  that  such  a  bond  or  other  security be filed before a  distributor is registered, or at any time when in its judgment the  same  is  necessary  as  a  protection to the revenues under this article.  If  securities are  deposited  as  security  under  this  subdivision,  such  securities shall be kept in the joint custody of the comptroller and the  commissioner  of  taxation  and  finance  and  may  be  sold  by the tax  commission if it becomes necessary so to do in order to recover any sums  due from such distributor pursuant to this article;  but  no  such  sale  shall  be had until after such distributor shall have had opportunity to  litigate the validity of any tax if it elects so to do.  Upon  any  such  sale,  the surplus, if any, above the sums due under this article, shall  be returned to such distributor.

State Codes and Statutes

Statutes > New-york > Tax > Article-18 > 422

§  422.  Bonds  of  distributors.  The  tax commission may require any  distributor to file with the department of taxation and finance  a  bond  issued  by  a surety company approved by the superintendent of insurance  as to solvency and responsibility and authorized to transact business in  the state or other security acceptable to the tax  commission,  in  such  amount  as the tax commission may fix, to secure the payment of any sums  due from such distributor pursuant to this article. The  tax  commission  may  require  that  such  a  bond  or  other  security be filed before a  distributor is registered, or at any time when in its judgment the  same  is  necessary  as  a  protection to the revenues under this article.  If  securities are  deposited  as  security  under  this  subdivision,  such  securities shall be kept in the joint custody of the comptroller and the  commissioner  of  taxation  and  finance  and  may  be  sold  by the tax  commission if it becomes necessary so to do in order to recover any sums  due from such distributor pursuant to this article;  but  no  such  sale  shall  be had until after such distributor shall have had opportunity to  litigate the validity of any tax if it elects so to do.  Upon  any  such  sale,  the surplus, if any, above the sums due under this article, shall  be returned to such distributor.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Tax > Article-18 > 422

§  422.  Bonds  of  distributors.  The  tax commission may require any  distributor to file with the department of taxation and finance  a  bond  issued  by  a surety company approved by the superintendent of insurance  as to solvency and responsibility and authorized to transact business in  the state or other security acceptable to the tax  commission,  in  such  amount  as the tax commission may fix, to secure the payment of any sums  due from such distributor pursuant to this article. The  tax  commission  may  require  that  such  a  bond  or  other  security be filed before a  distributor is registered, or at any time when in its judgment the  same  is  necessary  as  a  protection to the revenues under this article.  If  securities are  deposited  as  security  under  this  subdivision,  such  securities shall be kept in the joint custody of the comptroller and the  commissioner  of  taxation  and  finance  and  may  be  sold  by the tax  commission if it becomes necessary so to do in order to recover any sums  due from such distributor pursuant to this article;  but  no  such  sale  shall  be had until after such distributor shall have had opportunity to  litigate the validity of any tax if it elects so to do.  Upon  any  such  sale,  the surplus, if any, above the sums due under this article, shall  be returned to such distributor.