Considering the purpose of section 502, the language of the
prohibition should be considered to apply to persons who because of
election, employment or change in duties begin to handle funds or other
property during the course of a particular fiscal year. Bonds should be
secured for such persons, in an amount based on the funds handled by
their predecessors during the preceding fiscal year, before they are
permitted to engage in any of the fund-handling activities referred to
in the prohibition, unless coverage with respect to such persons is
already provided by bonds in force meeting the requirements of section
502(a).
