[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: 29CFR453.23]

[Page 211]
 
                             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. 453.23  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).