§ 115D-58.10. Surety bonds. - North Carolina Statutes

§ 115D‑58.10. Surety bonds.

The State Board of Community Colleges shall determine what  Stateemployees and employees of institutions shall give bonds for the protection ofState funds and property and the State Board is authorized to place the bondsand pay the premiums thereon from State funds.

The board of trustees of each institution shall require allinstitutional employees authorized to draw or approve checks or vouchers drawnon local funds, and all persons authorized or permitted to receive institutionalfunds from whatever source, and all persons responsible for or authorized tohandle institutional property, to be  bonded by a surety company authorized todo business with the State in such amount as the board of trustees deemssufficient for the protection of such property and funds. The tax‑levyingauthority of each institution shall provide the funds necessary for the paymentof the premiums of such bonds. (1963, c. 448, s. 23; 1979, c. 462, s. 2; c. 896, s. 13; 1979, 2ndSess., c. 1130, s. 1; 1981, c. 157, s. 1.)