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2020 California Code
Financial Code - FIN
DIVISION 5 - CREDIT UNIONS
CHAPTER 4 - Management and Operations
ARTICLE 1 - General
Section 14409.
Universal Citation: CA Fin Code § 14409 (2020)
14409.
(a) Every credit union shall obtain adequate bond or insurance coverage, for each director, officer, supervisory committee member, and credit committee member, for the credit manager, and for each employee.
(b) The commissioner may adopt regulations setting forth guidelines with respect to the minimum amount of the bond or insurance coverage deemed adequate. The regulations may be based upon the gross assets of the credit union and may contain a formula or schedule for the calculation of minimum bond or insurance coverage.
(Amended by Stats. 1998, Ch. 539, Sec. 20. Effective January 1, 1999.)
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