Iowa Code 533.109 – Insurance and surety bond
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Terms Used In Iowa Code 533.109
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- property: includes personal and real property. See Iowa Code 4.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
533.109 Insurance and surety bond.
1. The superintendent shall acquire good and sufficient bond in a company authorized to do business in this state in order to ensure both of the following:
a. The faithful performance of the deputy superintendent, assistants, examiners, and all other employees of the credit union division.
b. Protection from any liability that may accrue in case of the loss of property of a state credit union, or of a member of a state credit union or of any other person, in the course of an examination, investigation, or other function required or allowed by the laws of this state.
2. The superintendent shall be bonded in accordance with chapter 64, provided that such bond shall be in the amount of one hundred thousand dollars.
2007 Acts, ch 174, §9
1. The superintendent shall acquire good and sufficient bond in a company authorized to do business in this state in order to ensure both of the following:
a. The faithful performance of the deputy superintendent, assistants, examiners, and all other employees of the credit union division.
b. Protection from any liability that may accrue in case of the loss of property of a state credit union, or of a member of a state credit union or of any other person, in the course of an examination, investigation, or other function required or allowed by the laws of this state.
2. The superintendent shall be bonded in accordance with chapter 64, provided that such bond shall be in the amount of one hundred thousand dollars.
2007 Acts, ch 174, §9