Section 26-55-223 - Bonds - Deposit or pledge of government obligations as alternative

In lieu of furnishing a bond executed by a surety company, as hereinbefore provided, any distributor may furnish the distributor's bond or bonds not so executed, if the distributor concurrently therewith deposits and pledges with the Secretary of the Department of Finance and Administration direct obligations of the United States or obligations of any agency of the United States fully guaranteed by it or bonds of the State of Arkansas of equal full amount to the amount of the bond required by § 26-55-222, as collateral security for the payment of the bonds.Amended by Act 2019, No. 910,§ 3950, eff. 7/1/2019.Acts 1941, No. 383, § 9; 1957, No. 393, § 2; A.S.A. 1947, § 75-1111.