Section 20(7) in Uttaranchal Value Added Tax Act, 2005
(7)Where the security furnished by a dealer or a person concerned under this Section is in the form of a surety bond and the surety dies or becomes insolvent, the dealer or the person concerned shall, within 30 days of the occurrence of any of the aforesaid events, inform the Assessing Authority and shall within 60 days of such occurrence furnish a fresh surety bond or furnish in the prescribed manner other security of the amount of the bond, to the satisfaction of the Assessing Authority.
