Section 286.5-221 - Bond of officers or employees handling money(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.Effective:6/18/1964
Created 1964 Ky. Acts ch. 138, sec. 11, effective6/18/1964.