(1) Every person appointed or elected to any position requiring the receipt, payment, management or use of money belonging to an association, shall within thirty (30) days after his appointment or election become bonded in some responsible fidelity insurance company in such amounts as the directors require. The bond must be approved by a majority of the directors before such person may enter upon the discharge of his duties.
(2) The premium upon all such bonds shall be paid by the association, and the bonds shall be in the custody of the officer provided for in the bylaws.

Terms Used In Kentucky Statutes 286.5-221

  • Association: means a savings and loan association subject to the provisions of this subtitle and as used in KRS §. See Kentucky Statutes 286.5-011
  • Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
  • Directors: when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010
  • Person: means a natural person, or any type or form of corporation, company, partnership, proprietorship, association, or other legal entity. See Kentucky Statutes 286.1-010
  • Statute: A law passed by a legislature.

Effective: June 18, 1964
History: Created 1964 Ky. Acts ch. 138, sec. 11, effective June 18, 1964.
Formerly codified as KRS § 289.221.
Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the Kentucky Financial Services Code, KRS Chapter 286.