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Current as of January 01, 2023 | Updated by Findlaw Staff
(a) A bank shall require security in the form of a bond for the fidelity and faithful performance of duties by its officers and employees. The bond shall be issued by a bonding company authorized to do business in this State and upon such form as may be approved by the Commissioner. Otherwise, the amount, form, and terms of the bond shall be such as the board of directors may require. The premium for the bond is to be paid by the bank.
(b) To provide for the safety and soundness of a bank, the Commissioner may require an increase in the amount of the bond or additional or different security.
Cite this article: FindLaw.com - North Carolina General Statutes Chapter 53C. Regulation of Banks § 53C-4-8. Officers and employees shall give bond - last updated January 01, 2023 | https://codes.findlaw.com/nc/chapter-53c-regulation-of-banks/nc-gen-st-sect-53c-4-8/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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