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together with any finas, penalties, fees, or costs incurred.
74. (1) Save as provided in sub-section (2), tax in default shall
be a first charge upon all the assets of the defaulter:
Provided that -
(1) such charge shall not extend to
affect any assets
sold by the defaulter to a bona fide purchaser for value prior to
the seizure of the same in accordance with the provisions of
75
section
(ii) as regards immovable property, the tax shall not rank
in priority to any lease or encumbrance created bona fide for
value and registered prior to the date of such seizure; and
(iii) as regarda movable property, where tax for more than
one year of assesment is in default, the tax for one year only, to
be selected by the Commissioner, shall rank in priority to any
lien or encumbrance created bona fide for value prior to the date
of default.
(2) A receiver shall pay out of the assets under his control the
tax charged or chargeable for one complete year of assessment prior
to the date of the insolvency, bankruptay, or liquidation, to be
selected by the Commissioner a first charge on such assets and
any other tax charged or chargeable for periods prior to such date a
shall be an unsecured debt:
Provided that where the receiver proves to the satisfaction
of the Commissioner that any tax to which this sub-section applies is
excessive, the Commissioner my, notwithstanding the provisions of
71
section 55, review the ssessment in respect of which the tax is
charged and make such adjustment as he may in his discretion think
reasonable.
75.(1) The Commissioner may appoint persons to be Collectors.
(2) - (a) where any tax is in default, the Commissioner may insum
certificate to any Collector or bailiff containing particulars of
such tax and the name of the defaulter, and the officer to whom such
certificate is issued shall be empowered and is hereby required to
cause the tax to be recovered from the defaulter named in
certificate by seimre and sale of his movable property
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