(1) The Commissioner-General may accept security for an obligation under a tax law on the terms and conditions specified by the Commissioner-General.
(2) The security referred to in subsection (1) may take the following forms:
(a) bank deposit or banker’s draft;
(b) cash deposit or the equivalent of a cash deposit;
(c) bond or guarantee;
(d) undertaking by an authorised economic operator;
(e) charge, lien, mortgage or other fixed interest over property;
or
(f) a combination of paragraph (a) to (e).
(3) Security may be accepted for a specific obligation under a tax law or for multiple or continuing obligations under a tax law.
(4) This section does not
(a) restrict the Commissioner-General from accepting a particular security for an obligation under a tax law; or
(b) prevent the Commissioner-General from seeking or requiring additional security.
(5) A security remains enforceable according to the terms of the security against a property or person despite any delay, extension, inactivity or other temporary failure on the part of the Commissioner- General to enforce the obligation.