86. (1) When any such application has been made in respect of any goods, the owner of the goods to which it relates shall execute a bond, binding himself in a penalty of twice the amount of the duty assessed under section 80 or section 81 [* * *] on such goods,-
(a) to observe all the provisions of this Act and the rules in respect of such goods;
(b) to pay on or before a date specified in a notice of demand all duties, rent and charges payable in respect of such goods together with interest on the same from the date so specified at the rate [to be determined by the Board, being a rate not less than the bank rate fixed by the Bangladesh Bank and not more than double the Bank rate so fixed]; and
(c) to discharge all penalties incurred for violation of the provisions of this Act and the rules in respect of such goods.
(2) Every such bond shall be in such form as is from time to time prescribed by the Board, and shall relate to the goods or portion of the goods of one conveyance only.
(3) Notwithstanding anything in sub-section (2), for the purposes of sub-section (1), the [Commissioner of Customs (Bond) or any other Commissioner of Customs authorised by the Board] may permit any importer to enter into a general bond in such amount and subject to such conditions, limitations or restrictions as the [Commissioner of Customs (Bond) or any other Commissioner of Customs authorised by the Board] may determine in respect of the warehousing of goods to be imported by such importer within a specified period.
(4) A bond executed under this section by an importer in respect of any goods shall continue in force notwithstanding the transfer of the goods to any other person or the removal of the goods to another warehouse or warehousing station:
Provided that, where the whole of the goods or any part thereof are transferred to another person, the appropriate officer may accept a fresh bond from the transferee in a sum equal to twice the amount of the duty assessed on the goods transferred and thereupon the bond executed by the transferor shall be deemed to be discharged to the extent to which the fresh bond has been executed by the transferee.