Section 37. Extensions of time

--(a)  General.--The administrator may grant
  a reasonable extension of time for payment of tax or estimated  tax  (or
  any  installment),  or for filing any return, declaration, statement, or
  other document required pursuant to this local law, on  such  terms  and
  conditions  as he may require.  Except for a taxpayer who is outside the
  United States, no such extension for  filing  any  return,  declaration,
  statement or other document, shall exceed six months.
    (b)  Furnishing  of security.--If any extension of time is granted for
  payment of any amount of tax, the administrator may require the taxpayer
  to furnish a bond or other security in an amount not exceeding twice the
  amount for which the extension of time for payment is granted,  on  such
  terms and conditions as the administrator may require.