§ 32707.
114 words·~1 min read·
/vt/title-8/chapter-222/32707A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 32707. Bond
Each credit union service organization and each of its directors, officers, managers, general partners, employees, and authorized agent of a CUSO who has charge or possession of the funds, securities, or other assets of such CUSO shall be bonded by a surety company authorized to do business in this State. Such bond shall be in favor of the CUSO and in such amount as is approved by the governing body of the CUSO. The Commissioner may require the amount of the bond to be increased. A copy of each bond and any renewal thereof shall be promptly filed with the Commissioner. (Added 2005, No. 16, § 1, eff. July 1, 2005.)