17:14A-27 - Bonding of directors, officers and employees - New Jersey Statutes

17:14A-27.  Bonding of directors, officers and employees
    Every safe deposit company shall, at its own expense, cause to be bonded, by  a surety company or companies authorized to transact business in New Jersey,  each director, all officers and employees of the company in an amount as shall  be approved by the board of directors.  The bonds may be individual bonds or  may be one or more blanket bonds.  The board of directors shall annually  examine all the bonds, shall pass upon their sufficiency and may require a new  bond or bonds or increases in the amounts thereof.  The commissioner may from  time to time order an increase in the amounts of the bonds.  A bond shall not  be deemed to comply with this section unless the bond contains a provision that  it shall not be cancellable for any cause unless notice of intention to cancel  is filed in the office of the commissioner at least five days before the day  upon which cancellation is to take effect.

     L.1983, c. 566, s. 17:14A-27.