§ 23-46-208 - Employee bonds. - Arkansas Statutes

23-46-208. Employee bonds.

(a) All employees shall be required to furnish bonds in such amounts as the Bank Commissioner shall deem sufficient to cover the liabilities of their respective positions, which bonds may be made by any guaranty company authorized to do business in this state.

(b) (1) The fees paid by any officer or employee of the State Bank Department to any guaranty or bonding company for a fidelity bond shall be considered and charged as expenses of the department.

(2) However, the expense of any fidelity bond written on a special deputy commissioner appointed as special liquidating agent for an insolvent state bank or subsidiary trust company shall be paid out of the assets of the insolvent state bank or subsidiary trust company.

(c) No expense shall be incurred until an appropriation shall be made for such purpose, and in no case shall any liability be created for the state in excess of the appropriation therefor.