§ 9-308. Fidelity bonds

Latest version.

(a) Fidelity bond. -- A savings and loan association shall provide a fidelity bond, in the amount that the Division Director requires, to cover each director, officer, employee, or agent of the association who has control over or access to cash or securities of the association.

(b) Removal of person. -- If a person fails to qualify for the bond required by subsection (a) of this section, the association shall remove the person from the position held by the person with the association.

HISTORY: 1980, ch. 856; 1986, ch. 282.

                    
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