26 USC 5711: Bond

26 USC 5711: Bond Text contains those laws in effect on January 4, 1995

From Title 26-INTERNAL REVENUE CODESubtitle E-Alcohol, Tobacco, and Certain Other Excise TaxesCHAPTER 52-CIGARS, CIGARETTES, SMOKELESS TOBACCO, PIPE TOBACCO, AND CIGARETTE PAPERS AND TUBESSubchapter B-Qualification Requirements for Manufacturers of Tobacco Products and Cigarette Papers and Tubes, and Export Warehouse Proprietors

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§5711. Bond

(a) When required

Every person, before commencing business as a manufacturer of tobacco products or cigarette papers and tubes, or as an export warehouse proprietor, shall file such bond, conditioned upon compliance with this chapter and regulations issued thereunder, in such form, amount, and manner as the Secretary shall by regulation prescribe. A new or additional bond may be required whenever the Secretary considers such action necessary for the protection of the revenue.

(b) Approval or disapproval

No person shall engage in such business until he receives notice of approval of such bond. A bond may be disapproved, upon notice to the principal on the bond, if the Secretary determines that the bond is not adequate to protect the revenue.

(c) Cancellation

Any bond filed hereunder may be canceled, upon notice to the principal on the bond, whenever the Secretary determines that the bond no longer adequately protects the revenue.

(Aug. 16, 1954, ch. 736, 68A Stat. 711 ; Sept. 2, 1958, Pub. L. 85–859, title II, §202, 72 Stat. 1421 ; June 21, 1965, Pub. L. 89–44, title V, §502(b)(6), 79 Stat. 151 ; Oct. 4, 1976, Pub. L. 94–455, title XIX, §1906(b)(13)(A), 90 Stat. 1834 .)

Amendments

1976-Pub. L. 94–455 struck out "or his delegate" after "Secretary" wherever appearing.

1965-Subsec. (a). Pub. L. 89–44 struck out reference to dealers in tobacco materials.

1958-Subsec. (a). Pub. L. 85–859 included export warehouse proprietors, and substituted "manufacturer of tobacco products or cigarette papers and tubes" for "manufacturer of articles".

Effective Date of 1965 Amendment

Amendment by Pub. L. 89–44 applicable on and after January 1, 1966, see section 701(d) of Pub. L. 89–44, set out as a note under section 5701 of this title.

Effective Date of 1958 Amendment

Amendment by Pub. L. 85–859 effective Sept. 3, 1958, see section 210(a)(1) of Pub. L. 85–859, set out as an Effective Date note under section 5001 of this title.

Section Referred to in Other Sections

This section is referred to in section 5713 of this title.