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§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.
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