Indiana Code 5-1-17.5-19. Surety bonds of directors
Current as of: 2023 | Check for updates
|
Other versions
Sec. 19. (a) Except as provided in subsection (b), each director of the board shall execute a surety bond in the penal sum of fifty thousand dollars ($50,000). To the extent an individual described in this section is already covered by a bond required by state law, the individual is not required to obtain another bond, so long as the bond required by state law is in at least the penal sum specified in this section and covers the individual’s activities for the commission.
(c) Each surety bond must be conditioned upon the faithful performance of the individual’s duties and shall be issued by a surety company authorized to transact business in this state as surety. At all times after the issuance of any surety bonds, each individual described in this section shall maintain the surety bonds in full force and effect. All costs of the surety bonds shall be borne by the commission.
(b) Instead of a bond, the chair may execute a blanket surety bond covering each director.
Terms Used In Indiana Code 5-1-17.5-19
- board: refers to the board of directors of the commission. See Indiana Code 5-1-17.5-5
- bonds: has the meaning set forth in Indiana Code 5-1-17.5-6
- commission: refers to the Indiana motorsports commission created by this chapter. See Indiana Code 5-1-17.5-9
As added by P.L.233-2013, SEC.5.