52:18A-8.3 - Provision against loss or damage required in agreements - New Jersey Statutes

52:18A-8.3.  Provision against loss or damage required in agreements
    All agreements entered into by the State Treasurer with any bank pursuant to  this act, shall provide that such bank or banks shall be responsible to the  State, to the State Treasurer, and to any pension agency, fund or system concerned, for the proper and faithful performance of the services required of it pursuant to the terms of the agreement, for the fidelity and integrity of the officers, employees and agents employed in any undertaking under said agreement, and for any and all loss or damage which may result from any failure  to discharge or from any improper or incorrect discharge of their duties, and  that such bank or banks shall save harmless the State, the State Treasurer, and  any pension agency, fund or system concerned, or any trustee or officer  thereof, from any and all loss or damage caused thereby.

     L.1954, c. 22, p. 77, s. 3.