(1) Every licensee shall make a deposit of a sum not exceeding **[six lakhs of rupees] as may be fixed by the Commissioner by way of security for the due observance of the terms and conditions of licence.
(2) Every licensee shall execute an agreement binding himself, his heirs, legal representatives and assigns to observe all the conditions of licence and to reimburse the Government with the entire amount of duty and fee leviable on the quantity of spirit removed without prepayment of duty and fee and hypothecating the land, buildings and apparatus therein as security for the payment of all sums which may become due to the State Government. In lieu of executing * Substituted by G.O.Ms.No.112, P&E (II) , dated
03.06.2003 * Inserted by G.O.Ms.No.112, P&E (II) , dated
03.06.2003 ** Substituted by G.O.Ms.No.27, P&E (II) , dated
01.04.2007 17 the hypothecation deed, the licensee may deposit in cash or Government securities endorsed in favour of the Commissioner or any officer authorized by him for such value as the Commissioner may direct.
(3) The bond referred to in sub-rule (2) shall remain in force until cancelled and shall be in such form as may be prescribed from time to time by the Commissioner.