76 STAT.]
PUBLIC LAW 87-725-OCT. 1, 1962
675
shall not issue a license to him until three years have elapsed after the date of the applicable order of the Secretary or decision of the court on appeal. If the surety bond so furnished is terminated for any reason without the approval of the Secretary the license shall be automatically canceled as of the date of such termination and no new license shall be issued to such person during the four-year period without a new surety bond covering the remainder of such period. The Secretary, based on changes in the nature and volume of business conducted by a bonded licensee, may require an increase or authorize a reduction in the amount of the bond. A bonded licensee who is notified by the Secretary to provide a bond in an increased amount shall do so within a reasonable time to be specified by the Secretary, and upon failure of the licensee to provide such bond his license shall be automatically suspended until such bond is provided." SEC. 8. Subsections (c) and (d) of section 6 of such Act (7 U.S.C. 74 Stat. 200; 499f) are amended by striking out "$500" each place it appears and 48 Stat. 587. inserting in lieu thereof "$1,500". SEC. 9. Section 7(c) of such Act (7 U.S.C. 499^(c)) is amended by Bond on appeal. striking the second sentence thereof and substituting therefor the fol- 5448 Stat. 587; Stat. 214. lowing: "Such appeal shall be perfected by the filing with the clerk of said court a notice of appeal, together with a petition in duplicate which shall recite prior proceedings before the Secretary and shall state the grounds upon which petitioner relies to defeat the right of the adverse party to recover the damages claimed, with proof of service thereof upon the adverse party. Such appeal shall not be effective unless within thirty days from and after the date of the reparation order the appellant also files with the clerk a bond in double the amount of the reparation awarded against the appellant conditioned upon the payment of the judgment entered by the court, plus interest and costs, including a reasonable attorney s fee for the appellee, if the appellee shall prevail. Such bond shall be in the form or cash, negotiable securities having a market value at least equivalent to the amount of bond prescribedj or the undertaking of a surety company on the approved list of sureties issued by the Treasury Department of the United States." SEC. 10. Section 7(d) of such Act (7 U.S.C. 499g(d)) is amended Stay of licen'se by striking the proviso at the end of the section and substituting there- termination on appeal. for the following: ^Provided, That if on the appeal the appellee SO Stat. 729. prevails or if the appeal is dismissed the automatic suspension of license shall become effective at the expiration of thirty days from the date of the judgment on the appeal, out if the judgment is stayed by a court of competent jurisdiction the suspension shall become effective ten days after the expiration of such stay, unless prior thereto the judgment of the court has been satisfied." SEC. 11. Section 8(b) of such Act (7 U.S.C. 499h(b)) is amended Employment of certain persons to read as follows: by l i c e n s e e s. "(b) Except with the approval of the Secretary, no licensee shall 70 Stat. 727. employ any person, or any person who is or has been responsibly connected with any person— "(1) whose license has been revoked or is currently suspended by order of the Secretary; " (2) who has been found after notice and opportunity for hearing to have committed any flagrant or repeated violation of section 2, but this provision shall not apply to any case in which the license of the person found to have committed such violation was suspended and the suspension period has expired or is not in effect; or "(3) against whom there is an unpaid reparation award issued within two years, subject to his right of appeal under section 7(c).
�
