The provisions of section 502(a) require that any surety company
with which a bond is placed pursuant to that section must be a corporate
surety which holds a grant of authority from the Secretary of the
Treasury under the Act of July 30, 1947 (6 U.S.C. 6-13), as an
acceptable surety on Federal bonds. That Act provides, among other
things, that in order for a surety company to be eligible for such grant
of authority, it must be incorporated under the laws of the United
States or of any State and the Secretary of the Treasury shall be
satisfied of certain facts relating to its authority and capitalization.
Such grants of authority are evidenced by Certificates of Authority
which are issued by the Secretary of the Treasury and which expire on
the June 30 following the date of their issuance. A list of the
companies holding such Certificates of Authority is published annually
in the Federal Register, usually in July. Changes in the list, occurring
between July 1 and June 30, either by addition to or removal from the
list of companies, are also published in the Federal Register following
each such change.
[28 FR 14394, Dec. 27, 1963, as amended at 50 FR 31311, Aug. 1, 1985]
