The election notice, unless accompanied by a surety bond or approved municipal or other bonds, approved securities, or a combination thereof, or other forms of collateral security approved by the director, equal to the bonding amount, should contain a statement to the effect that the bonding amount requirement will be met within thirty days of the effective date of the election. Failure to meet such bonding amount requirement will cause the election to become void and the organization shall be or become liable for contributions as of the date on which the election would otherwise have been effective.
Five Year Review (FYR) Dates: 01/06/2015 and 04/01/2020
Promulgated Under: 119.03
Statutory Authority: 4141.13
Rule Amplifies: 4141.241
Prior Effective Dates: 1/1/72, 7/3/86, 5/29/90, 6/3/96, 1/15/01