9-4-909 - Surety bond required. - Utah Statutes

9-4-909. Surety bond required.
(1) The corporation shall maintain:
(a) for each trustee a surety bond in the penal sum of $25,000; and
(b) for the president of the corporation a surety bond in the penal sum of $50,000.
(2) Each surety bond is to be conditioned upon the faithful performance of the duties ofthe office of the trustee or president, as the case may be, and is to be issued by a surety companyauthorized to transact business in the state as surety.
(3) Each trustee and the president shall maintain these bonds in full force and effect.
(4) The corporation shall bear all costs of the surety bonds.

Amended by Chapter 319, 2001 General Session