Section 11-11-16 - Surety bonds of commissioners and executive director--Blanket bond--Payment of cost. - South-dakota Statutes

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11-11-16. Surety bonds of commissioners and executive director--Blanket bond--Payment of cost. Before entering into his duties, each commissioner of the authority shall execute a surety bond in the penal sum of fifty thousand dollars and the executive director shall execute a surety bond in the penal sum of one hundred thousand dollars or, in lieu thereof, the chairman of the authority shall execute a blanket bond covering each member, the executive director and the employees or other officers of the authority, each surety bond to be conditioned upon the faithful performance of the duties of the office or offices covered, to be executed by a surety company authorized to transact business in this state as surety and to be approved by the attorney general and filed in the office of the secretary of state. The cost of each such bond shall be paid by the authority.

Source: SL 1973, ch 180, § 10; SDCL Supp, § 28-19-15.

State Codes and Statutes

Statutes > South-dakota > Title-11 > Chapter-11 > Statute-11-11-16

11-11-16. Surety bonds of commissioners and executive director--Blanket bond--Payment of cost. Before entering into his duties, each commissioner of the authority shall execute a surety bond in the penal sum of fifty thousand dollars and the executive director shall execute a surety bond in the penal sum of one hundred thousand dollars or, in lieu thereof, the chairman of the authority shall execute a blanket bond covering each member, the executive director and the employees or other officers of the authority, each surety bond to be conditioned upon the faithful performance of the duties of the office or offices covered, to be executed by a surety company authorized to transact business in this state as surety and to be approved by the attorney general and filed in the office of the secretary of state. The cost of each such bond shall be paid by the authority.

Source: SL 1973, ch 180, § 10; SDCL Supp, § 28-19-15.

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State Codes and Statutes

Statutes > South-dakota > Title-11 > Chapter-11 > Statute-11-11-16

11-11-16. Surety bonds of commissioners and executive director--Blanket bond--Payment of cost. Before entering into his duties, each commissioner of the authority shall execute a surety bond in the penal sum of fifty thousand dollars and the executive director shall execute a surety bond in the penal sum of one hundred thousand dollars or, in lieu thereof, the chairman of the authority shall execute a blanket bond covering each member, the executive director and the employees or other officers of the authority, each surety bond to be conditioned upon the faithful performance of the duties of the office or offices covered, to be executed by a surety company authorized to transact business in this state as surety and to be approved by the attorney general and filed in the office of the secretary of state. The cost of each such bond shall be paid by the authority.

Source: SL 1973, ch 180, § 10; SDCL Supp, § 28-19-15.