Performance bond (Repealed)

(a) The commissioner may, in his discretion, require any promoter to furnish a surety bond to the commissioner in an amount deemed by the commissioner to be adequate to insure reimbursement to the ticket holders and the payment of services rendered by the boxers, timekeepers, announcer, physicians, referees, judges and other officials as well as the payment of taxes. (b) In the event a promoter shall guarantee a purse to the boxers, the commissioner may, in his discretion, require the promoter to furnish a surety bond in the amount of the guaranteed amount of the purse. (c) Every surety bond allowed by these regulations or otherwise required to be furnished to the commissioner must be approved by the commissioner. The bond must be received by the commissioner or his representative at least 5 days prior to the contest. (d) The commissioner may, in his discretion, accept cash or certified check either in whole or in part in lieu of a surety bond. (e) Every surety bond allowed by these regulations or otherwise required to be furnished to the commissioner will be released when the commissioner has reason to believe that the obligations secured by such bond have been honored. In no event shall the bond be released until at least 60 days after the boxing contest has been held, or when the promoter's license expires.