CAW Policy Letter #1: Bonds

October 31, 1986


CAW POLICY LETTER



LETTER NO. 1 October 31, 1986

Bonds

To: All Local Unions

Greetings:

The National Executive Board at its meeting of September 22, 1986, established a bonding procedure in accordance with Article 13, Section 22 of the National Constitution.

Basic coverage for all local union officers and local union auxiliaries who are in a position of handling money will be $5,000 per person.

In addition to the basic $5,000 coverage for each local union, we have also acquired additional coverage for those local unions whose funds exceed $50,000 per annum. This coverage will be Ten (10%) per cent of the total income of the local union. This additional coverage also includes the clerical staff of the local unions who are in a position of handling funds.

Officers of the Canadian Auto Workers national headquarters will also have basic coverage of $5,000.

In addition to the basic coverage for the national officers, a bond of $500,000 will be provided for the National President, the National Secretary-Treasurer, the Director of Accounting, the Supervisor of Accounting and 3 accounting clerks and the Strike Insurance representatives.

The Port Elgin facility will be covered by a $30,000 bond.

In order to ensure that bond coverage has been extended to all areas, the National Executive Board has also placed a $25,000 blanket bond to act as a safety net to cover any eventuality not already provided for.

Fraternally yours,
(signed)
ROBERT NICKERSON
Secretary-Treasurer


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