38.2-4008 - Fidelity bond required. - Virginia Statutes

§ 38.2-4008. Fidelity bond required.

As a condition of licensing, each burial society, on behalf of its officerswho are charged with the duty of handling its funds, shall obtain, andthereafter for as long as the license remains in effect keep in force, asurety bond with corporate security approved by the Commission. The bondshall be in an amount, not less than $10,000 nor more than $100,000, to befixed by the Commission. The bond shall secure to the society and its membersthe faithful performance of its officers' duties and a proper accounting ofits funds. The Commission may require the society to provide certification ofcompliance with the requirements of this section.

(Code 1950, § 38-148; 1952, c. 317, § 38.1-558; 1986, c. 562; 2001, c. 706;2002, c. 147.)