§ 106-451.11. Bond required. - North Carolina Statutes

§ 106‑451.11.  Bondrequired.

(a)        Any person applying for a license to conduct a warehousepursuant to this Article shall, as a condition to the granting thereof, executeand file with the Commissioner a good and sufficient bond to the State tosecure the faithful performance of his obligations as a warehouseman.  Saidbond shall be in such form and amount, shall have such surety or sureties,subject to service of process in suits on the bond within the State and shallcontain such terms and conditions as the Commissioner may prescribe to carryout the purposes of this Article.  Whenever the Commissioner, or his designatedrepresentative, shall determine that a previously approved bond is, or for anycause has become, insufficient, he may require an additional bond or bonds tobe given by the warehouseman concerned, conforming with the requirements ofthis section, and unless the same be given within the time fixed by a writtendemand therefor the license of such warehouseman may be suspended or revoked.

(b)        The Board may require as a condition to the granting of alicense that the warehouseman maintain casualty insurance on the cotton storedin a warehouse licensed under this Article. (1987, c. 840, s. 1.)