The directors of a bank shall direct and require good and sufficient fidelity bonds on all active officers and employees, whether or not they draw salaries or compensation, which bonds shall provide for indemnity to such bank on account of any losses sustained by it as a result of any dishonest, fraudulent, or criminal act or omission committed or omitted by them acting independently or in collusion or combination with any person or persons. Such bonds may be in individual, schedule, or blanket bond form, and the premiums therefor may be paid by the bank.

Source: SL 1909, ch 222, art 2, § 9; SL 1915, ch 102, art 2, § 11; RC 1919, § 8957; SL 1925, ch 96; SL 1933 (SS), ch 4; SL 1935, ch 58; SDC 1939, § 6.0318; SDCL, § 51-3-20; SL 1969, ch 11, § 3.29; SDCL, § 51-17-36.