Section 502(a) of the Act provides that when in the opinion of the
Secretary of Labor a labor organization has made other bonding
arrangements which would provide the protection required at comparable
cost or less, he may exempt such labor organization from placing a bond
through a surety company holding a grant of authority from the Secretary
of the Treasury under the Act of July 30, 1947 (6 U.S.C. 6-13), as
acceptable surety on Federal bonds.
[30 FR 14926, Dec. 2, 1965]
