§ 4575 - Bonding of members - Vermont Statutes

§ 4575. Bonding of members

Before the issuance of any bonds or notes under this chapter, each director of the bank shall execute a surety bond in the penal sum of $25,000.00 and the treasurer of the bank shall execute a surety bond in the penal sum of $50,000.00. Each surety bond shall be conditioned upon the faithful performance of the duties of the office of the director or treasurer, to be executed by a surety company authorized to transact business in the state of Vermont as surety and to be approved by the attorney general and filed in the office of the secretary of state. After the issuance of any bonds or notes by the bank each director of the bank shall maintain his or her surety bond in force. All costs of the surety bonds shall be borne by the bank. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)