Indemnity Bonds
Known as the Savings Association Law
The act spans §§ 5000–10009 (387 sections).
Applied in 1 court decision — leading case 157 Cal. App. 4th 1195 - Schweitzer v. Westminster Investment Inc. (2007)
Most recently applied in 157 Cal. App. 4th 1195 - Schweitzer v. Westminster Investment Inc. (December 2007)
Added by Stats. 1983, Ch. 1091, Sec. 2.
(a) The amounts and form of indemnity bonds and sufficiency of the surety shall be approved by the board of directors and by the commissioner.
(b) In lieu of individual bonds, a blanket bond, protecting the association from loss through any act or acts of any director, officer, employee or agent, may be obtained.
(c) A true copy of every indemnity bond shall be on file at all times at the association’s home office.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.