Guam § 139102 - Bonds of Officers and Employees.

§ 139102. Bonds of Officers and Employees.

All officers, employees and agents of each association, having

access to moneys or negotiable securities of such association in the

regular discharge of their duties, or issuing stock, shares or investment

certificates of such association in the regular discharge of their duties,

before entering upon their duties and throughout the entire term of their

office and employment and any subsequent term thereof, shall furnish to

the employing association a good and sufficient bond indemnifying such

association against loss of money or other securities by reasons of any

dishonesty on the part of such officers or employees and by reason of

any loss arising from any dishonest issue of stock, shares or investment

certificates on the part of such officers or employees. The commissioner

shall prescribe the amount and form of said bond and the term during

which it shall run, and the sufficiency of the surety or sureties thereon

shall at all times be subject to the approval of the commissioner. Each of

such officers and employees shall renew his bond upon the expiration of

its term. The commissioner may at any time require an additional bond

or surety when in his opinion any such bond then in force is insufficient.

All such bonds shall be filed in the commissioner’s office.