Sec. 11. No agent or officer of such corporation, association or society, shall be permitted to collect or receive any dues or assessments for or on account of the same until he executes, jointly with two (2) responsible sureties, a bond to the corporation, approved by the board of directors thereof, in such sum as they shall prescribe, conditioned upon the payment of all dues, assessments or funds over to the proper officer of such corporation, and all receipts of any such corporation shall be paid into the hands of the treasurer thereof, who shall, before assuming the duties of his office, give a bond in the sum of not less than ten thousand dollars ($10,000), with not less than two (2) sureties, to be approved by the board of directors, and conditioned for the faithful performance of his duties, and the accounting for, and the proper payment and disbursement by him of, all moneys thereof which come into his hands.
Formerly: Acts 1883, c.136, s.11.
Structure Indiana Code
Article 8. Life, Accident, and Health
Chapter 1. Life Insurance─assessment Plan
27-8-1-1. Authority to Incorporate
27-8-1-2. Corporate Status and Powers
27-8-1-3. Name; Approval; Misleading Similarity
27-8-1-4. Statement of Initial Applications and Deposit of First Assessment
27-8-1-5. Assessment; Statement of Object
27-8-1-6. Exemption of Certificates From Valuation; Insurable Interest
27-8-1-7. Restriction on Kinds of Certificates; Expenses; Segregation of Expense and Mortuary Funds
27-8-1-8. Annual Statement; Examination
27-8-1-10. Quo Warranto to Remove Officers or Close Business
27-8-1-11. Bonds of Officers and Agents
27-8-1-12. Examination of Sufficiency of Treasurer's Bond
27-8-1-13. Qualification of Foreign Corporation
27-8-1-14. Retaliatory Provision
27-8-1-16. Foreign Corporations; Fraudulent Practices; Quo Warranto to Revoke License