Each board of education shall be jointly and severally liable for all legal obligations of a fund which arise out of an event which occurred while such board was a member of such fund; provided, however, that a fund shall not assume a risk greater than an amount to be determined by the Commissioner; and provided, further, that this legal obligation may be enforced by an assessment against such member as provided in the bylaws of the agency.
History. Code 1981, § 20-2-2009 , enacted by Ga. L. 1986, p. 1172, § 1.
Structure Georgia Code
Chapter 2 - Elementary and Secondary Education
Article 29 - Interlocal Risk Management Agency
§ 20-2-2002. Establishment; Membership
§ 20-2-2003. Board of Trustees
§ 20-2-2004. Agency Is Not an Insurer
§ 20-2-2005. Certificate of Authority
§ 20-2-2006. Issuance, Renewal, or Revocation of Certificate
§ 20-2-2007. Minimum Surplus Required
§ 20-2-2009. Joint and Several Liability of Fund Members
§ 20-2-2011. Bond, Liability Insurance, and Claim Office of Administrator
§ 20-2-2014. Examination of Funds by Commissioner
§ 20-2-2015. Fund Insufficient to Discharge Obligations; Liquidation
§ 20-2-2016. Rules and Regulations
§ 20-2-2017. Remedies of Aggrieved Parties
§ 20-2-2018. Excess Loss Funding Program; Condition for Certificate of Authority