The board of directors or other managing body of every insurance company organized
under the laws of this state shall require the secretary, and all other officers having
the care and handling of the funds and securities of the company, to give a good and
sufficient bond to cover the term for which they are elected, appointed or employed,
conditioned for the faithful accounting and disbursement of all money that may come
into their hands; such bond to be in an amount named and to be approved by the board
of directors, and other governing body, and to be held by a custodian to be designated
by such board or body, and the expense of providing such a bond may be charged to
the operating expense of the company.
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