[Code of Federal Regulations]
[Title 29, Volume 2]
[Revised as of July 1, 2005]
From the U.S. Government Printing Office via GPO Access
[CITE: 29CFR453.13]

[Page 207]
 
                             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--Table of Contents
 
Sec. 453.13  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.