§ 35A-8-710. Surety bond required.

Latest version.

(1)

The corporation shall maintain:

(a)	for each trustee a surety bond in the penal sum of $25,000; and

(b)	for the president of the corporation a surety bond in the penal sum of $50,000.

(2)	A surety bond shall be conditioned upon the faithful performance of the duties of the office of the trustee or president, as the case may be, and shall be issued by a surety company authorized to transact business in the state as surety.

(3)	A trustee and the president shall maintain these bonds in full force and effect.

(4)	The corporation shall bear all costs of the surety bonds.

Renumbered and Amended by Chapter 212, 2012 General Session

                    
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