Surety Bond News

SB 2786, a new Massachusetts state law, establishes the Walpole Economic Development and Industrial Corporation for the Town of Walpole. The Walpole Economic Development and Industrial Corporation was set up for the board of directors. SB 2786 requires the individuals of the board to post a surety bond from a surety company licensed in the commonwealth. The surety bond must be in the amount of $50,000 and is conditioned on the dependable performance of the duties of the office. All surety bonds have to be approved by the town counsel and filed in the office of the state secretary. SB 2786 also requires the treasurer of the board to post a surety bond in a quantity that the corporation’s board will settle on. The surety company issuing the bond must be licensed in the commonwealth.