Sec. 961.153. BOND REQUIREMENTS FOR CERTAIN PERSONS. (a) In addition to the bond required by Section 961.152, a nonprofit legal services corporation shall obtain a separate or blanket surety bond covering each other person who may have access to the corporation's funds. The bond must:
(1) be issued by a surety authorized by the department to do business in this state;
(2) be satisfactory to the department and payable to the department for the use and benefit of the corporation;
(3) obligate the principal and surety to pay any monetary loss to the corporation through an act of fraud, dishonesty, forgery, theft, embezzlement, or wilful misapplication by a covered person, whether acting alone or with other persons; and
(4) be in an amount determined by the department of at least $1,000 but not more than $10,000 for each person covered.
(b) Successive recoveries may be made on a bond under this section until the amount of the bond is exhausted.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Last modified: September 28, 2016