9-39-13. Bond required of utility board members--Payment of premium. Each municipal utility board member shall execute and furnish to the municipality an official bond in the sum of twenty-five hundred dollars to be approved by the mayor or chairman of the town board and filed with the city auditor or town clerk with the premium on said bond to be paid by the municipality from the fund of the utility or utilities being controlled or managed or to be controlled and managed by such municipal utility board.
Source: SL 1955, ch 221, § 3; SDC Supp 1960, § 45.3903 (1).
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