2009 California Business and Professions Code - Section 18680-18685 :: Article 5. Bonds

18680.  Before any license is issued to any club to conduct, hold,
or give a contest or match, other than an amateur contest or match,
the applicant shall file a bond with the commission, in an amount
determined by the commission, conditioned for the faithful
performance by the club of the provisions of this chapter. For the
purpose of this section, "faithful performance by the club" shall
include the cancellation of a contest or match without good cause
once the contest or match has been approved by the commission.
   After the issuance of a license to a club, the commission may
modify the amount of a bond to insure adequate coverage for payments
specified in Section 18684.

18681.  Before any license is issued to any club to conduct, hold,
or give an amateur contest or match, the applicant shall file a bond
with the commission in an amount not less than one thousand dollars
($1,000), conditioned for the faithful performance by the club of the
provisions of this chapter. For the purpose of this section,
"faithful performance by the club" shall include the cancellation of
a contest or match without good cause once the contest or match has
been approved by the commission.

18684.  The bonds required under this article shall guarantee, in
order of priority, the payment of all taxes and fines due and payable
to the state, the payment of contributions for medical insurance and
to the pension fund, the payment of assessments for neurological
examinations, as specified in subdivision (c) of Section 18711, the
payment of the purses to the competitors, the repayment to consumers
of purchased tickets, the payment of fees to the referees, judges,
timekeepers, and physicians, and in the event of the cancellation of
a contest or match approved by the commission without good cause, an
amount determined by the commission which does not exceed the
commission's actual cost in connection with the approval of the
contest or match. The circumstances and allocation of bond payment
shall be determined by the commission.

18685.  For the purposes of this article, a ceritifcate of deposit
payable to the commission, or a savings account assigned to the
commission, shall be considered equivalent to a bond as provided in
Section 995.710 of the Code of Civil Procedure, and shall be
acceptable to the commission upon such terms and conditions as it may
prescribe.