An Act concerning banks and trust companies; surety bonds of officers and employees; amending K.S.A. 1995 Supp. 9-1115 and repealing the existing section.
Be it enacted by the Legislature of the State of Kansas:
Section 1. K.S.A. 1995 Supp. 9-1115 is hereby amended to read as follows: 9-1115. (a) The board of directors may elect a chairperson and shall elect a president from its members and shall elect one or more vice- presidents, a secretary and a cashier. The office of president and cashier shall not be filled by the same person. Such officers shall hold their offices for a term of not to exceed one year and until their successors are elected and qualified.
(b) The board of directors shall require all officers and
employees having the care or handling of the funds of the bank or
trust company to give a good and sufficient bond to be executed by
an approved corporate surety authorized to do business in this
state. The amount and form of the bond shall be approved by
the board of directors
and the form of such bond shall be
approved by the board of directors and the commis- sioner. Such
bond shall be held by the commissioner of the bank or
trust company. The costs of such bonds shall be paid by the
bank or trust company. Proof of current bond coverage shall be
provided to the commissioner.
(c) Any officer of any bank or trust company who shall
become in- debted to such bank or trust company on any judgment or
whose in- debtedness is charged off
indebtedness or forgiven shall forfeit the
office and the board of directors shall fill the vacancy.
Sec. 2. K.S.A. 1995 Supp. 9-1115 is hereby repealed.
Sec. 3. This act shall take effect and be in force from and after its publication in the statute book.
Approved March 22, 1996.