46-119. Board; organization; officers; bonds; payment of premiums.
On the first Wednesday following their election, the board of directors shall meet and organize as a board, elect a president from their number and appoint a secretary, treasurer, and assessor. All such offices may be held by one person. When the offices of secretary and treasurer are held by one person he shall give a penal bond in the sum of not less than fifty percent of the general fund levy for the current year, but when the offices of secretary and treasurer are held by separate individuals, then the treasurer shall be required to give bond in the sum of not less than twenty percent of the levy for general fund purposes for the current year. The secretary shall be required to give a penal bond in a sum of not less than thirty percent of the general fund levy for the current year, but the board of directors may increase the amount of either or both of such bonds in such an amount as it may think necessary. All of such bonds shall be approved by the directors of the district; Provided, that the district shall pay the cost of such bonds.
Source
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
