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Content Last Revised: 12/27/63
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CFR  

Code of Federal Regulations Pertaining to U.S. Department of Labor

Title 29  

Labor

 

Chapter IV  

Office of Labor-Management Standards, Department of Labor

 

 

Part 453  

General Statement Concerning the Bonding Requirements of the Labor-Management Reporting and Disclosure Act of 1959

29 CFR 453.23 - Persons becoming subject to bonding requirements during fiscal year.

  • Section Number: 453.23
  • Section Name: Persons becoming subject to bonding requirements during fiscal year. 
    Considering the purpose of section 502, the language of the 
prohibition should be considered to apply to persons who because of 
election, employment or change in duties begin to handle funds or other 
property during the course of a particular fiscal year. Bonds should be 
secured for such persons, in an amount based on the funds handled by 
their predecessors during the preceding fiscal year, before they are 
permitted to engage in any of the fund-handling activities referred to 
in the prohibition, unless coverage with respect to such persons is 
already provided by bonds in force meeting the requirements of section 
502(a).
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