Section 35-5-7 - Bond required of licensees--Amount of bond--Deposit in lieu of bond. - South Dakota Statutes

35-5-7. Bond required of licensees--Amount of bond--Deposit in lieu of bond. Any licensee liable for the payment of the occupational tax levied under this chapter may be required by the secretary to file with the secretary a bond or bonds, in an amount and form prescribed by the secretary, with corporate surety satisfactory to the secretary. The amount of the bond may not exceed fifty thousand dollars, and the secretary may require the increase or permit the decrease of the amount of the bond to a sum that the secretary deems necessary to assure payment of the tax. The bond or bonds shall run to the state and shall be conditioned on the payment of all taxes levied by this chapter on or before the due date of payment, and on the payment of all fines and penalties lawfully imposed by reason of failure to pay any such taxes on the date payment is due. In lieu of a bond the secretary may allow the licensee to furnish the amount of the bond in cash or negotiable securities approved by the secretary.

Source: SDC 1939, §§ 5.0109, 5.0208, 5.0239, 5.0307; SL 1941, ch 8; SL 1943, ch 11; SL 1959, ch 8; SL 1959, ch 12; SL 1963, ch 11; SL 1963, ch 12, § 2; SL 1965, ch 16; SDCL §§ 35-1-6, 35-4-36, 35-5-7, 35-6-16, 35-6-17; SL 1971, ch 211, § 83; SL 2008, ch 37, § 185.