362.340. Employees to give bond. - Missouri Statutes

Employees to give bond.

362.340. 1. The directors of a bank or trust company shalldirect and require good and sufficient fidelity bonds on allactive officers and employees, whether or not they draw salary orcompensation, which bonds shall provide for indemnity to the bankon account of any losses sustained by it as the result of anydishonest, fraudulent or criminal act or omission committed oromitted by them acting independently or in collusion orcombination with any person or persons. The bonds may be inindividual, schedule or blanket form, and the premiums thereformay be paid by the bank or trust company.

2. The directors may also direct and require suitableinsurance protection to the bank against burglary, robbery, theftand other similar insurable hazards to which the bank or trustcompany may be exposed in the operations of its business on thepremises or elsewhere.

3. The directors shall be responsible for approving at leastonce in each year the amount or penal sum of the bonds orpolicies and the sureties or underwriters thereon, after givingdue and careful consideration to all known elements and factorsconstituting the risk or hazard. The action shall be recorded inthe minutes of the board of directors and thereafter be reportedto the director and be subject to his approval.

(RSMo 1939 § 7975, A.L. 1967 p. 445)

Prior revisions: 1929 § 5380; 1919 § 11762; 1909 § 1112