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CFR  

Code of Federal Regulations Pertaining to ESA

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 453.13 - The statutory provision.

  • Section Number: 453.13
  • Section Name: The statutory provision. 
    Section 502(a) of the Act requires that the bond of each ``person'' 
handling ``funds or other property'' who must be bonded be fixed ``at 
the beginning of the organization's fiscal year * * * in an amount not 
less than 10 percentum of the funds handled by him and his predecessor 
or predecessors, if any, during the preceding fiscal year, but in no 
case more than $500,000.'' If there is no preceding fiscal year, the 
amount of each required bond is set at not less than $1,000 for local 
labor organizations and at not less than $10,000 for other labor 
organizations or for
trusts in which a labor organization is interested.
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