§ 27-8-1-11 — Bonds of officers and agents

Indiana § 27-8-1-11

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 8: LIFE, ACCIDENT, AND HEALTH
• Ch. 1: Life Insurance─Assessment Plan

Text

No agent or officer of such corporation,
association or society, shall be permitted to collect or receive any dues
or assessments for or on account of the same until he executes, jointly
with two (2) responsible sureties, a bond to the corporation, approved
by the board of directors thereof, in such sum as they shall prescribe,
conditioned upon the payment of all dues, assessments or funds over
to the proper officer of such corporation, and all receipts of any such
corporation shall be paid into the hands of the treasurer thereof, who
shall, before assuming the duties of his office, give a bond in the sum
of not less than ten thousand dollars ($10,000), with not less than two
(2) sureties, to be approved by the board of directors, and conditioned
for the faithful performance of his duties, and the accounting for, and
the proper payment and disbursement by him of, all moneys thereof
which come into his hands.
Formerly: Acts 1883, c.136, s.11.