122.063 – BOND. The board shall purchase from a surety
Texas Finance Code § 122.063
Summary
This law mandates that a credit union's board must obtain a blanket surety bond for various officials and agents associated with the credit union. This requirement ensures financial protection against potential misconduct or negligence by these individuals.
Requires a blanket surety bond for credit union officials.
Applies to directors, officers, and other agents.
Bond must be from a state-authorized surety company.
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In simple terms: Learn about Texas's BOND. The board shall purchase from a surety law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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