Current through Register Vol. 54, No. 45, November 9, 2024
Section 13.1 - Professional boxing bonds and bond filing fees(a) In the case of professional boxing promoters or foreign copromoters holding contests in a place where the seating capacity is less than 10,000, the professional boxing promoters or foreign copromoters are required to execute and file a surety bond with the Commission in the sum of $7,500 on the form prescribed by the Commission. If the seating capacity is more than 10,000, the bond shall be in the sum of $25,000.(b) In lieu of the surety bond required by subsection (a), the promoter or foreign copromoter may deposit with the Commission cash, a certified check, a letter of credit or direct or indirect obligations of the United States or the Commonwealth acceptable to the Commission in an equivalent amount as set forth in subsection (a) and subject to the same conditions. The security will not be returned to the promoter until 1 year after the date on which it was deposited with the Commission, unless a surety bond is substituted for the security. Upon the expiration of 1 year from the date on which the security was deposited, it shall be returned to the depositor if no claim against the deposit is outstanding.(c) A filing fee of $25 shall accompany each bond filed or cash or security deposited in lieu of the bond.The provisions of this § 3.1 adopted November 10, 1978, effective 11/11/1978, 8 Pa.B. 3094; amended April 10, 1992, effective 4/11/1992, 22 Pa.B. 1760; amended May 17, 2002, effective 5/18/2002, 32 Pa.B. 2443.The provisions of this §13.1 amended under the Athletic Code, 5 Pa.C.S. § 103(b)(1).