§ 4-31-3-6 — Surety bond

Indiana § 4-31-3-6

• Jurisdiction: Indiana
• Art. 31: PARI-MUTUEL WAGERING ON HORSE RACES
• Ch. 3: Indiana Horse Racing Commission

Text

Each member of the commission shall execute
a surety bond in the penal sum of ten thousand dollars ($10,000). To
the extent a member of the commission is already covered by a bond
required by state law, the member need not obtain another bond as long
as the bond required by state law is at least equal to the penal sum
specified in this section and covers the member's activities for the
commission. Instead of a bond, the chairman of the commission may
execute a blanket surety bond covering each member and the
employees or other officers of the commission. Each surety bond must
be conditioned upon the faithful performance of the duties of the office
of the member and shall be issued by a surety company authorized to
transact business in Indiana. At all times after the issuance of a surety
bond, each member shall maintain the surety bond in full force and
effect. All costs of the surety bonds shall be paid by the commission.

Legislative History

As added by P.L.341-1989(ss), SEC.2.