370.235. Employees handling funds of credit union to give surety bond--duties of director. - Missouri Statutes

Employees handling funds of credit union to give surety bond--dutiesof director.

370.235. 1. As a condition precedent to qualification orentry upon the discharge of his duties, every person appointed orelected to any position requiring the receipt, payment of moneyor other personal property owned by a credit union or in itscustody or control as collateral or otherwise, shall give a bondwith some surety company, licensed to do business in this state,as surety thereon in such reasonably adequate sum as the directorshall require and approve. The term "reasonably adequate" asused herein, requires the director to have reasonable regard forthe protection of the accounts and assets of the credit union.In lieu of individual bonds, the director may accept a scheduleor blanket bond which covers all of the officers and employees ofany credit union whose duties include the receipt, payment orcustody of money or other personal property on behalf of thecredit union. All bonds shall be in the form prescribed by thedirector.

2. Within forty-five days next after approval of such bondsby the board of directors, attested copies thereof, with acertificate of their custodian that the originals are in hispossession, shall be filed with the director.

(L. 1959 S.B. 127)