22-11-7. Educational retirement director; bond.
185 words·~1 min read·
/nm/chapter-22-public-schools/article-11-educational-retirement/22-11-7·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. The board shall employ an educational retirement director. The director shall be the administrative officer for the board in carrying out the provisions of the Educational Retirement Act and shall have those additional duties provided in the rules of the board.
B. Before assuming the duties of office, the director shall obtain an official bond payable to the fund and conditioned upon the faithful performance of the director's duties during the director's term of office. The bond shall be executed by a corporate surety company authorized to do business in this state. The amount of the bond shall be not less than twenty-five thousand dollars ($25,000). The board may elect to obtain a schedule or blanket corporate surety bond covering the director and employees of the board for any period not exceeding four years.
The cost of a bond obtained pursuant to this section shall be paid from the fund. Any bond obtained shall be approved by the board and filed with the secretary of state.
History: 1953 Comp., § 77-9-7, enacted by Laws 1967, ch. 16, § 131; 2017, ch. 21, § 5.