Section 77-17-3 - Bond for licenses. - New Mexico Statutes

77-17-3. Bond for licenses.

A.     Except as provided in Subsection D of Section 77-17-2 NMSA 1978, no person, firm or corporation shall carry on any of the businesses set forth in Section 77-17-1 NMSA 1978 without filing with the New Mexico livestock board a bond in the sum of one thousand dollars ($1,000), payable to the New Mexico livestock board and conditioned that the principal:   

(1)     will keep a correct record, in a book kept for that purpose, of all cattle or other animals purchased or slaughtered by him with a description of each animal including marks, brands, age and weight, from whom purchased and the date of its slaughter; and   

(2)     will not slaughter or cause to be slaughtered any animal at any place other than the place of slaughter named in his application for license; and   

(3)     will keep the hides of all animals slaughtered by him at the place of slaughter until inspected by an authorized inspector of the New Mexico livestock board and until a hide inspection fee is paid to the board in a sum fixed by the board pursuant to law.   

B.     The bond shall be signed by the person, firm or corporation engaging in the business, together with a corporate surety company authorized to do business in this state, and approved by the New Mexico livestock board or its representatives.   

C.     The bond shall be executed in duplicate, one copy filed with the New Mexico livestock board and the other copy after being approved by the board posted in the place of business of the principal where it can easily be seen by persons interested.   

D.     In the opinion of the New Mexico livestock board, if the bond appears at any time to be insecure, exhausted or otherwise doubtful, an additional or new bond of not more than one thousand dollars ($1,000) satisfactory to the New Mexico livestock board shall be filed by the licensee within ten days after written demand upon the licensee by the board. Upon failure of the licensee to file the additional or new bond the license shall be revoked by the New Mexico livestock board.