578.110 Bond or letter of credit required of person authorized to receive or disburse commission moneys
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/or/ors-chapter-578/oregon-wheat-commission/578-110·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
578.110 Bond or letter of credit required of person authorized to receive or disburse commission moneys. The administrator and any other person authorized to receive or disburse moneys received by the Oregon Wheat Commission 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, in either case in favor of the commission and the State of Oregon, in such amount equal to the maximum amount of moneys the commission determines such person will have subject to the control of the person at any one time and upon such conditions as the commission shall prescribe.
The cost of the bond or letter of credit shall be paid by the commission. [Amended by 1959 c.596 §39; 1991 c.331 §87; 1997 c.631 §501]