§3A-612.

§3A-612.
   
   A. Before any sanctioning permit is issued to any promoter to conduct
   or hold a professional boxing contest or professional exhibition, the
   applicant shall file with the Oklahoma Professional Boxing Commission
   a bond payable to the State of Oklahoma in an amount determined by the
   Commission, executed by the applicant and a surety company or
   companies authorized to do business in this state, and conditioned
   upon the faithful performance by the promoter, which shall include but
   not be limited to the cancellation of a professional boxing contest or
   professional exhibition without good cause as determined by the
   Commission once the professional boxing contest or professional
   exhibition has been approved by the Commission.
   
   B. The bond required under this section shall guarantee the payment of
   all taxes, fees, fines and other monies due and payable pursuant to
   the provisions of the Oklahoma Professional Boxing Licensing Act and
   the rules promulgated by the Commission, including, but not limited
   to, the payment of purses to the competitors, any contributions for
   required insurance, pensions, disability and medical examinations, the
   repayment to ticket holders of purchased tickets, the payment of fees
   to ring officials and physicians, and, in the event of the
   cancellation of a professional boxing contest or professional
   exhibition approved by the Commission without good cause, an amount
   determined by the Commission.
   
   C. After issuance of a sanctioning permit to a promoter, the
   Commission may modify the amount of bond required to ensure adequate
   and sufficient coverage for payments of taxes, fees, fines, purses,
   and other monies due and payable pursuant to the provisions of this
   section. Failure of any promoter to secure a modified bond required
   pursuant to this subsection within such period of time as the
   Commission may prescribe, shall be grounds for revocation of the
   sanctioning permit of such promoter.
   
   D. All bond proceeds collected pursuant to the provisions of this
   section shall be placed to the credit of the Oklahoma Professional
   Boxing Licensing Revolving Fund.