SECTIONS 7916 - California Statutes

REVENUE AND TAXATION CODE

SECTION 7916

7916. Upon receipt of a certificate of the Controller setting forth
the amount of a taxpayer's delinquencies, the board shall pay to the
Controller the amount so certified from the money deposited with the
board by the taxpayer or from the amounts received from the sale of
bonds or other obligations deposited with the board by the taxpayer.
Securities deposited with the board which have a prevailing market
price may be sold by the board for the purposes of this section at
private sale at a price not lower than the prevailing market price
thereof.