[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: 29CFR453.20]

[Page 209-210]
 
                             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. 453.20  Corporate sureties holding grants of authority from the 
Secretary of the Treasury.

    The provisions of section 502(a) require that any surety company 
with which a bond is placed pursuant to that section must be a corporate 
surety which holds a grant of authority from

[[Page 210]]

the Secretary of the Treasury under the Act of July 30, 1947 (6 U.S.C. 
6-13), as an acceptable surety on Federal bonds. That Act provides, 
among other things, that in order for a surety company to be eligible 
for such grant of authority, it must be incorporated under the laws of 
the United States or of any State and the Secretary of the Treasury 
shall be satisfied of certain facts relating to its authority and 
capitalization. Such grants of authority are evidenced by Certificates 
of Authority which are issued by the Secretary of the Treasury and which 
expire on the June 30 following the date of their issuance. A list of 
the companies holding such Certificates of Authority is published 
annually in the Federal Register, usually in July. Changes in the list, 
occurring between July 1 and June 30, either by addition to or removal 
from the list of companies, are also published in the Federal Register 
following each such change.

[28 FR 14394, Dec. 27, 1963, as amended at 50 FR 31311, Aug. 1, 1985]