Executive Order 9470—Establishing a Method of Determining the Amounts of Bonds of Collectors of Customs

By virtue of the authority vested in me by section 3639 of the Revised Statutes of the United States (31 U.S.C. 521), and by section 5 of the act of March 2, 1895, 28 Stat. 807 (6 U.S.C. 2), and in order to provide a method of determining, upon a uniform basis, the amounts of the bonds of collectors of customs, it is hereby ordered as follows:1

1. The amount of the bond of a collector of customs shall be not less than ten per centum, as determined by the Secretary of the Treasury, of the average monthly collections of the respective customs district for the fiscal year next preceding that in which the bond is given: Provided, that the amount of such bond shall not be more than $100,000 except in the discretion of the Secretary, and shall not be less than $10,000.

2. Such bonds shall be in multiples of one thousand dollars, and any fractional part of the required amount shall be covered by an additional multiple of one thousand dollars.

3. An examination of the bonds of collectors of customs for the purpose of ascertaining the sufficiency of the sureties and adjusting the amounts of such bonds shall be made at least every two years and as much oftener as may be deemed necessary by the Secretary of the Treasury.

FRANKLIN D ROOSEVELT

The White House,
August 25, 1944.