California § 14409 - Every credit union shall obtain adequate bond or insurance coverage, for each dir
Full text of California Public Contract Code - PCC § 14409 — Every credit union shall obtain adequate bond or insurance coverage, for each dir, with citation guidance and answers to common questions.
§ 14409. Every credit union shall obtain adequate bond or insurance coverage, for each dir
(a) Every credit union shall obtain adequate bond or insurance coverage, for each director, officer, supervisory committee member, audit committee member, and credit committee member, for the credit manager, and for each employee. (b) The commissioner may adopt regulations setting forth guidelines with respect to the minimum amount of the bond or insurance coverage deemed adequate. The regulations may be based upon the gross assets of the credit union and may contain a formula or schedule for the calculation of minimum bond or insurance coverage.
Source: official California text · Last verified 2026-08-27
Frequently Asked Questions About California § 14409
What does Public Contract Code - PCC § 14409 cover?
Section 14409 ("Every credit union shall obtain adequate bond or insurance coverage, for each dir") is part of the Public Contract Code - PCC, the codified statutory law of California. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite California § 14409?
A common citation format is "Public Contract Code - PCC § 14409" (California). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of California law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the California official source linked on this page or consult a licensed California attorney.
How does California § 14409 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in California can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in California.