Each surety bond shall be conditioned upon the faithful performance of the duties of the office of director and executive director, respectively. In lieu of these surety bonds, the bank may execute a blanket surety bond covering each director, the executive director, and any officers or employees of the bank.(b) The surety bonds required by this section must be issued by a surety company authorized to transact business in Indiana.(c) The cost of the surety bonds required by this section shall be paid by the bank.As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.4.
Indiana Legal Code