Bond

  1. Law
  2. Georgia Code
  3. Banking and Finance
  4. Financial Institutions
  5. Credit Unions
  6. Credit Union Conservators
  7. Bond

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  1. If the department appoints a conservator other than a public body of the United States that insures the shares of a credit union, an employee of the department, or the department itself, the conservator and any assistants shall provide a bond, payable to the credit union and executed by a surety company authorized to do business in this state.
  2. The amount of such bond shall be approved by the department and be in an amount to ensure the faithful discharge of duties in connection with the conservatorship and take into account the amount of money under the control of the conservator.
  3. The cost of such bond shall be paid from the assets of the credit union.
  4. Any person injured by a breach of the conditions on such bond has a right to bring a civil remedy in order to seek to collect on such bond.
  5. A bond of a credit union shall be deemed satisfactory if the department determines it covers a conservator and any assistants.

(Code 1981, §7-1-644, enacted by Ga. L. 2015, p. 344, § 19/HB 184.)


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