[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: 29CFR453.16]

[Page 208]
 
                             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. 453.16  Funds handled by more than one person.

    The amount of any required bond is determined by the total funds 
handled during a fiscal year by each ``person'' bonded, and any 
predecessors of such ``person''. The term ``person'', however, is 
defined in section 3(d) of the Act to include ``one or more'' of the 
various individuals or entities there listed, so that there may be 
numerous instances where the bond of a ``person'' may include several 
individuals. Wherever this is the case, the amount of the bond for that 
``person'' would, of course, be based on the total funds handled by all 
who comprise the ``person'' included in the bond, without regard to the 
precise extent to which any particular individual might have handled 
such funds. This would be the situation, for example, in many cases of 
joint or group activity in the performance of a single function. It 
would also be true where various individuals performed the same type of 
function for an organization, even though they acted independently of 
one another. There would, however, be no objection to bonding each 
individual separately, and fixing the amount of his bond on the basis of 
the total funds which he individually handled during the year.