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(1) The sale of a charged asset under this section shall be by public auction.

(2) Where the Commissioner-General takes possession of a charged asset under section 53 and decides to sell the asset, the following rules shall apply:

(a) the Commissioner-General shall issue a public notice of sale before selling the charged asset;

(b) the sale shall be carried out

(i) in the case of an interest in land or a building, thirty days after taking possession;

(ii) in the case of a perishable movable asset, within twenty-four hours after taking possession; and

(iii) in the case of any other asset, ten days after taking possession.

(3) The Commissioner-General may exercise the power of sale

(a) either directly or indirectly through an authorised agent; and

(b) without a court order.

(4) Subsection (2) is not applicable where the Commissioner-General sells charged assets with the consent of the taxpayer.

(5) Where the Commissioner-General sells a charged asset, the sale proceeds shall be utilised in the following order:

(a) first, for the cost of charge and sale of the asset;

(b) second, for the outstanding tax and interest accrued with respect to that tax under section 71;

(c) third, any other unpaid tax; and

(d) the remainder to the taxpayer.

(6) The Commissioner-General shall, after applying the sale proceeds in accordance with subsection (5), serve the taxpayer with a written notice within fourteen days of the sale specifying the manner in which the sale proceeds were applied.

(7) The taxpayer may, within ninety days of receipt of the notice under subsection (6), apply to the Commissioner-General for the return of the remainder of the sale proceeds, if any.

(8) Where the sale proceeds are insufficient to pay the full amount secured by the charge, the Commissioner-General may proceed to collect the amount outstanding in accordance with the procedure for the recovery of tax from a taxpayer or from third parties.

(9) This section does not restrict the exercise of rights that the Commissioner-General has under another security, whether over the same or a different asset.