- In the first week of each calendar year the Presiding Officer of each court shall inquire into the sufficiency of security given by each public accountant in his office, and where it appears to have deteriorated from any cause will require fresh or additional security to be given.A mortgagee security may be considered sufficient if it is a first mortgage of immovable property situate in India; provided that the property be not a lease hold for a term of years, and that the value of the property exceeds by one third the amount secured.When there has been no mutation of ownership or sensible depreciation of the property pledged, it will be unnecessary to renew the security bond. A note of the result of the verification should be made in the register.
