Illinois General Assembly - Illinois Compiled Statutes

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205 ILCS 205/4009

(205 ILCS 205/4009) (from Ch. 17, par. 7304-9)

Sec. 4009. Bonds of officers and directors.

(a) Every person appointed or elected to any position
requiring the receipt, payment, management, or use of money
belonging to a savings bank or whose duties permit or require
access to or custody of any of the savings bank's money or
securities or whose duties permit the regular making of entries in
the books or other records of the savings bank shall become bonded in some
trust or company authorized to issue bonds in this State or in a fidelity
insurance company licensed to do business in this State before assuming any
duties.  Each bond shall be on a form or forms as the Commissioner shall
require and in the amount as the board of directors shall fix and approve.
Each  bond, payable to the savings bank, shall be an indemnity for any loss
the savings bank may sustain in money or other property
through any dishonest or criminal act or omission by any person
required to be bonded, committed either alone or in concert with
others.  The bond shall be in the form and amount prescribed by
the Commissioner, who may at any time require one or more
additional bonds.  Each bond
shall provide that a cancellation thereof either by the surety or
by the insured shall not become effective unless and until 30 days
notice in writing first shall have been given to the Commissioner,
unless he shall have approved the cancellation earlier.

(b) Nothing contained in this Section shall preclude the
Commissioner from proceeding against a savings bank 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 savings bank.

(Source: P.A. 96-1365, eff. 7-28-10.)