Signed into law on February 21, 2012, Ohio HB 267 revises the Uniform Unincorporated Nonprofit Association Act by establishing a procedure for when an unincorporated nonprofit association needs to be placed in receivership. This law went into effect on May 22, 2012.
Among other requirements, those affected by the new law must post a receiver surety bond. This court bond requirement is explained in section Sec. 1745.54 of the bill.
(C) The receiver has all the authority vested in the managers and members of the association, shall exercise that authority subject to the orders that are made by the court, and may be required to qualify by giving bond to the state in the amount that the court fixes, with surety to the satisfaction of the clerk of the court, conditioned for the faithful discharge of the receiver’s duties and for a due accounting for all money or property received by the receiver.
Click here to read HB 267 in its entirety.
If you need a surety bond in Ohio or any other state, you can contact a surety professional online 24/7 or by phone at 1 (800) 308-4358 Monday through Friday, 7 a.m. to 7 p.m. CST.