61-5A-17Termination of election to make payments in lieu of contributions on failure to file bond--Extension of time for filing or adjustment.

If any nonprofit organization fails to file a bond or to file a bond in an increased amount as provided under §§ 61-5A-12 to 61-5A-16, inclusive, the department may terminate such organization's election to make payments in lieu of contributions and such termination shall continue for not less than the four-consecutive-calendar-quarter period beginning with the quarter in which such termination becomes effective; provided, that the department may extend for good cause the applicable filing or adjustment period by not more than thirty days.

Source: SL 1971, ch 276, § 69.