The manufacturer shall give such security, by bond or deposit, as the Comptroller may require—
(a) that goods, whether imported or delivered from an excise warehouse, for processing or manufacture in the Island shall be removed; stored and accounted for to his or her satisfaction; and
(b) for the payment of any duty prescribed by law on such products made from imported materials or materials delivered from an excise warehouse, when they are removed for consumption within the Island.