While the bonding provision in section 502(a) became effective on
September 14, 1959, its requirement for obtaining bonds does not become
applicable to a labor organization or a trust in which a labor
organization is interested, or to the personnel of any such
organization, until the subsequent date when such organization's next
fiscal year begins. This is so because the Act requires each such bond
to be fixed at the beginning of the organization's fiscal year in an
amount based on funds handled in the preceding fiscal year, and it could
not well have been intended that the obtaining of a bond would be
necessary in advance of the time when it would be possible to meet this
requirement.
