The securities depository shall keep in effect at all times a fidelity bond providing coverage on each officer and employee, written by a corporate surety licensed by the Department of Insurance of the State of California, in an amount satisfactory to the Commissioner, and ordinarily not less than $1,000,000 or 10% of the aggregate market value of all securities on deposit.

Note: Authority cited: Section 30006, Financial Code. Reference: Sections 30205, 30206 and 30601, Financial Code.

History

1. New section filed 9-12-73; effective thirtieth.day thereafter (Register 73, No. 37).

2. Editorial correction of Note filed 3-9-83 (Register 83, No. 11).

3. Editorial correction of Note filed 6-24-83 (Register 83, No. 26).