Termination 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.