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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 370

previous next Effective - 28 Aug 1959bottom

  370.235.  Employees handling funds of credit union to give surety bond — duties of director. — 1.  As a condition precedent to qualification or entry upon the discharge of his duties, every person appointed or elected to any position requiring the receipt, payment of money or other personal property owned by a credit union or in its custody or control as collateral or otherwise, shall give a bond with some surety company, licensed to do business in this state, as surety thereon in such reasonably adequate sum as the director shall require and approve.  The term "reasonably adequate" as used herein, requires the director to have reasonable regard for the protection of the accounts and assets of the credit union.  In lieu of individual bonds, the director may accept a schedule or blanket bond which covers all of the officers and employees of any credit union whose duties include the receipt, payment or custody of money or other personal property on behalf of the credit union.  All bonds shall be in the form prescribed by the director.

  2.  Within forty-five days next after approval of such bonds by the board of directors, attested copies thereof, with a certificate of their custodian that the originals are in his possession, shall be filed with the director.

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(L. 1959 S.B. 127)


---- end of effective   28 Aug 1959 ----

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