(805 ILCS 35/27) (from Ch. 32, par. 1027)
Sec. 27.
(1) Every person appointed or elected to any position requiring
the receipt, payment, management or use of money belonging to a Development
Credit Corporation or whose duties permit him to have access to or custody
of any of its money or securities or whose duties permit him regularly to
make entries in the books or other records of a Development Credit
Corporation, before assuming his duties shall become bonded in some
fidelity insurance company licensed to do business in this State. Each bond
shall be on a form or forms as the Director shall require and in such
amount as the board of directors shall fix and approve.
(2) Nothing contained herein shall preclude the Director from proceeding
against a Development Credit Corporation as provided in this Act should he
believe that it is being conducted in an unsafe manner in that the form or
amount of bonds so fixed and approved by the board of directors is
inadequate to give reasonable protection to the Development Credit
Corporation.
(Source: Laws 1965, p. 577.)
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