Section 502(a) of the Act requires that the bond of each ``person''
handling ``funds or other property'' who must be bonded be fixed ``at
the beginning of the organization's fiscal year * * * in an amount not
less than 10 percentum of the funds handled by him and his predecessor
or predecessors, if any, during the preceding fiscal year, but in no
case more than $500,000.'' If there is no preceding fiscal year, the
amount of each required bond is set at not less than $1,000 for local
labor organizations and at not less than $10,000 for other labor
organizations or for
trusts in which a labor organization is interested.
