Oregon Statutes - Chapter 576 - Agricultural Marketing Generally - Section 576.385 - Bond or letter of credit required of person authorized to receive or disburse commission moneys.

Any person authorized by a commodity commission to receive or disburse moneys as provided in ORS 576.375 shall file with the commission a fidelity bond executed by a surety company authorized to do business in this state or an irrevocable letter of credit issued by an insured institution, as defined in ORS 706.008. The bond or letter of credit must be in favor of the commission and the State of Oregon, in an amount equal to the maximum amount of moneys the commission determines the person will have subject to control at any one time and upon such conditions as the commission shall prescribe. The commission shall pay the cost of the bond or letter of credit. [1953 c.489 §23; 1957 c.447 §20; 1959 c.596 §19; 1991 c.331 §86; 1997 c.631 §499; 2005 c.22 §402]

Section:  Previous  576.351  576.355  576.365  576.370  576.372  576.375  576.380  576.385  576.390  576.391  576.392  576.395  576.405  576.410  576.415  Next

Last modified: August 7, 2008