(225 ILCS 620/16) (from Ch. 111, par. 216)
Sec. 16.
Each licensee hereunder, except persons licensed under the
Livestock Auction Market Law as now or hereafter amended, shall file
with the Department a bond in the amount of $5,000, with the licensee as
principal and a surety company authorized to do business in Illinois as
surety, conditioned on the performance by such licensee of all duties
required by law of a feeder swine dealer. Such bond shall provide that
it may not be cancelled without 30 days written notice of termination to
the Department prior to the effective date of such termination.
Instead of filing a bond, a licensee may deliver to the Department a
trust fund agreement showing he has deposited with a bank or trust company
either $5,000 in cash or securities endorsed in blank by the owner thereof
and having a fair market value of at least $5,000. The form of the trust
fund agreement shall be prescribed by the Department. The trust fund agreement
shall be subject to the same conditions as would the bond described in this
Section. A licensee desiring to terminate a trust fund agreement shall
submit to the Director a written request to do so. The trust fund agreement
shall terminate within 30 days after the Director's receipt of the request
unless the Director notifies the licensee of his objection to the termination.
The Director shall object to the termination of the trust fund agreement
where the possibility exists that an obligation covered by the agreement
might go unsatisfied.
The Director of Agriculture as trustee of the bond or the trust fund
described in this Section shall have the authorities granted him in Section
205-410 of the Department of Agriculture Law (20 ILCS
205/205-410) and the rules
adopted pursuant thereto.
(Source: P.A. 91-239, eff. 1-1-00.)
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