Ind. Code § 5-1-17.5-19
This is the official text of Ind. Code § 5-1-17.5-19, part of Indiana’s Code — part of the compiled statutory law of Indiana, published by the state as "Code." Browse the sections below, each linked to its official government source.
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Surety bonds of directors
Official statutory text
Sec. 19. (a) Except as provided in subsection (b), each director of the board shall execute a surety bond in the penal sum of fifty thousand dollars ($50,000). To the extent an individual described in this section is already covered by a bond required by state law, the individual is not required to obtain another bond, so long as the bond required by state law is in at least the penal sum specified in this section and covers the individual's activities for the commission.
(b) Instead of a bond, the chair may execute a blanket surety bond covering each director.
(c) Each surety bond must be conditioned upon the faithful performance of the individual's duties and shall be issued by a surety company authorized to transact business in this state as surety. At all times after the issuance of any surety bonds, each individual described in this section shall maintain the surety bonds in full force and effect. All costs of the surety bonds shall be borne by the commission.
As added by P.L.233-2013, SEC.5.
(b) Instead of a bond, the chair may execute a blanket surety bond covering each director.
(c) Each surety bond must be conditioned upon the faithful performance of the individual's duties and shall be issued by a surety company authorized to transact business in this state as surety. At all times after the issuance of any surety bonds, each individual described in this section shall maintain the surety bonds in full force and effect. All costs of the surety bonds shall be borne by the commission.
As added by P.L.233-2013, SEC.5.
Status: in_force · Read it on the official government site
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