- (a) The general manager and every agent or employee of the association charged with the collection, custody, or payment of any money of the association shall execute a bond conditioned on the faithful performance of his duties.
- (b) The board shall approve the form, amount, and surety of the bond.
- (c) The surety may be a surety company authorized to do business in this state.
- (d) The association shall pay the premium on the bond.
Acts 1971, 62nd Leg., p. 3072, ch. 1024, art. 1, Sec. 1, eff. Sept. 1, 1971.