(a) The bond, required by the Code, §14.022, shall
be a single continuous bond issued by a single corporate surety licensed
to do business in the State of Texas except for:
(1) mid-year capacity changes, provided that the separate
bond or bonds obtained for such capacity changes are combined into
a single bond prior to or upon renewal of the license; and
(2) temporary storage that requires an additional bond
will be handled the same way as a mid-year capacity change.
(b) A single continuous bond is required for each combination
or individual facility not part of a combination.
(c) For the purpose of determining whether a net worth
deficiency exists in the case of multiple licenses held or sought
by a single warehouse operator who has submitted a single financial
statement combining the assets of all warehouse operations, the storage
capacity of all warehouses shall be combined and compared with the
net worth established by the single financial statement. If a deficiency
bond is needed, a single, separate net worth deficiency bond apportioning
bond liability among the various warehouse operations pro rata (as
specified by the department) is required.
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