Section 7A(2) in The Punjab Motor Vehicles Taxation Act, 1924
(2)Where the security furnished by an owner of a transport vehicle under sub-section (1) is the form of a surety bona and the surety becomes insolvent or is or is otherwise incapacitated or dies or withdraws, such owner shall within fifteen days of the occurrence of any of the aforesaid events, inform the Licensing Officer and shall within thirty days of such occurrence, furnish a fresh surety bond.
