6-420. Bonds of officers and employees

A. Every person appointed or elected to any position requiring the receipt, payment, management or use of money belonging to an association, or whose duties permit him to have access to or custody of any of its money or securities or whose duties permit him regularly to make entries in the books or other records of the association, before assuming his duties, shall become bonded in some fidelity insurance company licensed to do business in this state and approved by the superintendent. Each such bond shall be on a form or forms as the superintendent shall require and in such amount as the board of directors shall fix and approve.

B. Nothing contained herein shall preclude the superintendent from proceeding against an association as provided in this chapter should he believe that is is being conducted in an unsafe manner in that the form or amount of bonds so fixed and approved by the board of directors is inadequate to give reasonable protection to the association.

6-420. Bonds of officers and employees

A. Every person appointed or elected to any position requiring the receipt, payment, management or use of money belonging to an association, or whose duties permit him to have access to or custody of any of its money or securities or whose duties permit him regularly to make entries in the books or other records of the association, before assuming his duties, shall become bonded in some fidelity insurance company licensed to do business in this state and approved by the superintendent. Each such bond shall be on a form or forms as the superintendent shall require and in such amount as the board of directors shall fix and approve.

B. Nothing contained herein shall preclude the superintendent from proceeding against an association as provided in this chapter should he believe that is is being conducted in an unsafe manner in that the form or amount of bonds so fixed and approved by the board of directors is inadequate to give reasonable protection to the association.