(b) All bonds must provide for faithful-performance-of-duty coverage for any officer, agent, or employee while that person is performing any of his or her duties as prescribed in:

1. (1) The Arkansas credit union act;
2. (2) The bylaws; or
3. (3) This part.

(c)

1. (1) No form of fidelity bond shall be used except those approved by the supervisor.
2. (2) Credit Union Blanket Bond, Standard Form No. 23 of the Surety Association of American, revised to May, 1950, plus Faithful Performance Rider, for use with this form to broaden Insuring Clause (A), Revised to May, 1950, shall be considered as the minimum coverage required and is hereby approved.
3. (3) Cumis Bond No. 578 or Cumis Bond No. 581 plus faithful-performance-of-duty are also approved.
4. (4) No other bond form may be used unless specifically approved in writing by the supervisor.

(d)

1. (1) The schedule of coverage set forth in subsection (e) of this section shall not be deemed to cover cash funds of one thousand dollars ($1,000) or more.
2. (2) When the cash fund is one thousand dollars ($1,000) or more, additional coverage to the full amount of the fund will be required.

(e)

1. (1) The following schedule shall be deemed as the minimum requirements only:

   ASSETS		MINIMUM COVERAGE
   $ 0,000	to	$ 5,000	.........	$ 1,000
   $ 5,001	to	$ 10,000	.........	2,000
   $ 10,001	to	$ 20,000	.........	4,000
   $ 20,001	to	$ 30,000	.........	6,000
   $ 30,001	to	$ 40,000	.........	8,000
   $ 40,001	to	$ 50,000	.........	10,000
   $ 50,001	to	$ 75,000	.........	15,000
   $ 75,001	to	$ 100,000	.........	20,000
   $100,001	to	$ 150,000	.........	30,000
   $150,001	to	$ 200,000	.........	40,000
   $200,001	to	$ 300,000	.........	50,000
   $300,001	to	$ 400,000	.........	60,000
   $400,001	to	$ 500,000	.........	70,000
   $500,001	to	$ 750,000	.........	85,000
   $750,001	to	$1,000,000	.........	100,000
   Over $1,000,000	.........	100,000 plus $50,000 for each additional million or fraction thereof of assets.

2. (2) It shall be the duty of the board of directors of each credit union to provide proper protection to meet any circumstance by obtaining adequate bond and insurance coverage in excess of the above minimum schedule.

(f)

1. (1) The supervisor may require additional coverage for any credit union when, in his or her opinion, the surety bond in force is insufficient to provide adequate surety coverage.
2. (2) The board of directors of the credit union shall apply for such additional coverage within thirty (30) days after the date of written notice of such requirement.