Indiana Administrative Code
Title 71 - INDIANA HORSE RACING COMMISSION
Article 13 - REGISTERED HORSEMEN'S ASSOCIATIONS
Rule 1 - General Provisions
Section 1-9 - Bond

Universal Citation: 71 IN Admin Code 1-9
Current through March 20, 2024

Authority: IC 4-31-3-9; IC 4-35-7-12

Affected: IC 4-31; IC 4-35

Sec. 9.

Prior to receiving funds pursuant to IC 4-35-7-12 and as a condition of continued receipt of funds pursuant to said statute, a registered horsemen's association shall procure a fidelity bond or crime insurance policy insuring the financial duties imposed upon a horsemen's association, its officers, directors, and employees by IC 4-35-7-12. The bond shall be in favor of the association for the benefits of its constituents and shall be in the form of a fidelity bond or crime insurance policy, in an amount equal to the funds received by the association pursuant to IC 4-35-7-12, adjusted annually. The costs of obtaining the bond or crime insurance policy may be paid by an association from funds allocated to it pursuant to IC 4-35-7-12 as a necessary expenditure for the operation of the horsemen's association required to implement and fulfill the purposes of IC 4-35-71-12.

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