15.2 Bonds; conditions, coverage; departmental problems.
98 words·~1 min read·
/mi/chapter-15/15-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
15.2 Bonds; conditions, coverage; departmental problems.
Sec. 2.
The director of the department of administration or his designated agent is authorized to determine, after consultation with the director of the department of commerce, the condition of each such bond and whether a single state bond for all state officers and employees or departmental bonds, shall best serve the state. In determining adequate coverage, the department of administration is authorized to obtain bond coverage with provisions relative to departmental problems of a unique nature, including loss deductible or coinsurance provisions.
History: 1969, Act 10, Imd. Eff. May 7, 1969