Sec. 36a-442a. Deposit of funds; withdrawals. Bond requirement.
Sec. 36a-442a. Deposit of funds; withdrawals. Bond requirement. (a) The funds
of a Connecticut credit union shall be deposited in the name of the credit union only in
such depository or depositories as designated by the governing board, in accordance
with section 36a-459a, and no withdrawal of such funds shall be made unless the check
or order withdrawing such funds is signed by a director or member of senior management
designated by the governing board.
(b) Every director, supervisory committee member, credit committee member if
applicable, and every employee of a Connecticut credit union who has charge or possession of the funds, securities or other assets of the Connecticut credit union, shall be
bonded by a surety company authorized to do business in this state to the same extent
as such bonding is required by 12 CFR Part 713, as from time to time amended. Such
bond shall be in favor of the Connecticut credit union. A copy of each such bond and
any renewal thereof shall be promptly filed by the Connecticut credit union with the
commissioner.
(P.A. 02-73, S. 44; P.A. 03-84, S. 51.)
History: P.A. 03-84 changed "Commissioner of Banking" to "commissioner" in Subsec. (b), effective June 3, 2003.