(a) No milk dealer or handler shall purchase, acquire or receive on consignment or otherwise milk from producers unless the milk dealer or handler has filed with the Department of Agriculture a corporate surety, individual surety, or collateral bond, approved by such Department.

(b) Except as otherwise herein provided, the bond required by subsection (a) of this section shall be in a sum equal to the value of the highest aggregate amount of milk purchased, acquired or received by the dealer or handler from producers in any 1 month during the preceding calendar year, which value shall be computed according to such milk dealer’s or handler’s posted prices for such month, and shall not in any event exceed $100,000.

(c) The bond required by subsection (a) of this section shall be upon a form prescribed by the Department of Agriculture, conditioned for the payment by the milk dealer or handler of all amounts due, including amounts due under this subchapter and the orders of such Department, for milk purchased or otherwise acquired from producers by the milk dealer or handler during the license year, upon such terms and conditions as the Department may prescribe.

(d) In the case of a milk dealer or handler who pays producers in full each week for milk purchased, acquired or received by him from such producers, the bond required by subsection (a) of this section shall be in a sum equal to 50 percent of the value of the highest aggregate amount of milk purchased, acquired or received by the dealer or handler from producers in any 1 month during the preceding calendar year, which value shall be computed according to such milk dealer’s or handler’s posted prices for such month, and shall not in any event exceed $50,000.

Code 1935, § 654A; 48 Del. Laws, c. 376, § 1; 3 Del. C. 1953, § 3161; 57 Del. Laws, c. 764, § 12.