Section 9(3) in Punjab General Sales Tax Act, 1948
(3)Where the security furnished by a dealer under sub-section (1) is in the form of surety bond and the surety becomes insolvent or is otherwise incapacitated or dies or withdraws, the dealer shall within fifteen days of the occurrence of any of the aforesaid events, inform the authority granting the certificate of registration and shall within thirty days of such occurrence furnish a fresh surety bond.
