As a condition of licensing, each burial society, on behalf of its officers who are charged with the duty of handling its funds, shall obtain, and thereafter for as long as the license remains in effect keep in force, a surety bond with corporate security approved by the Commission. The bond shall be in an amount, not less than $10,000 nor more than $100,000, to be fixed by the Commission. The bond shall secure to the society and its members the faithful performance of its officers' duties and a proper accounting of its funds. The Commission may require the society to provide certification of compliance with the requirements of this section.
Code 1950, § 38-148; 1952, c. 317, § 38.1-558; 1986, c. 562; 2001, c. 706; 2002, c. 147.
Structure Code of Virginia
§ 38.2-4000. Societies to which chapter applies
§ 38.2-4001. Society may be incorporated
§ 38.2-4002. Continuation of existing societies
§ 38.2-4003. Licensing of additional societies prohibited
§ 38.2-4004. What laws applicable
§ 38.2-4005. License may be renewed annually
§ 38.2-4007. Adoption of bylaws
§ 38.2-4008. Fidelity bond required
§ 38.2-4009. Inspection of books and papers
§ 38.2-4010. Accumulation of reserve for an emergency fund
§ 38.2-4011. Maintenance of reserve for an emergency fund
§ 38.2-4012. Disposition of reserve for an emergency fund; discontinuance of business; receiver
§ 38.2-4013. Certificates of membership
§ 38.2-4014. Required grace period
§ 38.2-4015. Certificate to specify amount of payment and when to be paid
§ 38.2-4016. Payments become liens on society's property
§ 38.2-4017. Notice of assessment
§ 38.2-4018. Liability on officers and directors for failing to levy assessments
§ 38.2-4020. When certificate invalid
§ 38.2-4021. Interest in benefits; assignability; liability to attachment, etc.
§ 38.2-4022. Certain contracts with undertakers, etc., forbidden