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(1) The owner of the copyright in any work, who has given a notice shall give to the controller such security or further security, whether by bond, deposit of a sum of money or otherwise, as the Controller may require, against all actions, proceedings, claims and demands whatsoever which may be taken or made against the Controller and shall pay to the Controller all costs and expenses which may be incurred by the Controller in consequence of the detention of, anything done in relation to, any copy of a work to which the notice relates.

(2) The security or further security shall be given at such time and in such manner as the Controller may require. If such security of further security is not given within the time or in the manner required by the Controller, the notice shall be deemed to have been withdrawn as from the expiry of the time the security or further security is required to be given.