7AAuthorisation to take securities

1. The Commissioner may—

2. accept securities to secure the performance of tax obligations; and
3. require that securities be given on such terms (including the manner of payment of any costs and disbursements associated with the security) as the Commissioner specifies; and
4. require that securities be transferred into the name of, and be held by, the Commissioner until the performance of a tax obligation or obligations; and
5. if the Commissioner considers that the existing securities are or may be or become inadequate or insufficient, call for additional or substitute securities; and
6. enforce a security if a taxpayer defaults in the performance of the tax obligation in respect of which the security was taken; and
7. grant discharges, releases, or transfers of securities on terms the Commissioner considers appropriate; and
8. recover from a taxpayer the costs of accepting, enforcing, discharging, releasing, or transferring any security.

9. The Commissioner is not to be liable for any loss suffered in relation to an asset or right that is the subject of a security, unless the Commissioner is guilty of wilful misconduct in dealing with the asset or right.

10. For the purposes of this section, the Commissioner and the Commissioner's successors in office—

11. are deemed to be a corporation sole; and
12. as such corporation sole, are to have and may exercise all the rights, powers, and privileges, and may incur all the liabilities and obligations, of a natural person of full age and capacity.

13. Nothing in subsection (1) limits—

14. any tax law which specifies the Commissioner's entitlement to a charge or other security; or
15. the Commissioner's rights under the terms of a document evidencing or constituting a security; or
16. the Commissioner's other rights to collect or recover tax or other amounts.