(a) Before assuming office, the Director of the Securities Commission shall give a bond in the sum of $50,000, payable to the State of Alabama, to be approved by the Attorney General of Alabama and filed in the office of the Secretary of State. Such bond shall be conditioned that he will faithfully execute the duties of his office.
Terms Used In Alabama Code 8-6-59
state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1
(b) The director may by rule or order require any employee of the commission to be bonded on the same condition and in the same or such lesser amount as he determines.(c) The expense of all such bonds shall be paid from funds available to the commission.
