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(1) Every licensee shall deposit a sum not exceeding two thousand rupees as may be fixed by the Commissioner by way of security for due observance of the terms and conditions of the licence.
(2) Every licensee shall execute an agreement binding himself, his successor in-office legal representatives and assigns to observe all the conditions of licence and to pay to the Government the entire amount of excise duty and vend fee leviable on the quantity of Mass Wine removed from the manufactory and hypothecating the land, buildings and apparatus herein as security for payment of all sums which may become due to the Government. The licensee may deposit in cash or Government securities endorsed in favour of the Commissioner or any officer authorized by him in this behalf for such values as the Commissioner may direct in lieu of executing the hypothecation deed.