Sale may be postponed on tender of security

(1) When a defaulter tenders security, it shall be lawful for the Collector, or other officer empowered by him in this behalf, to accept it and postpone the sale of the defaulter’s property upon such conditions and until such time as he may appoint. (2) In the event of default being made in the performance of such conditions, the Collector or such officer may sell the property and proceed against the defaulter or against his security, or both.