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Giving of security by officers etc.
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73.—(1) Before taking up office, every officer or voluntary assistant of a credit union who will have the receipt or charge of money shall give security in such sum as the board of directors may direct conditioned—
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(a) for his rendering at all due times a just and true account of all money received and paid by him on account of the credit union; and
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(b) for the payment by him of all sums due from him to the credit union in his capacity as an officer or voluntary assistant.
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(2) In subsection (1)(a), “at all due times” means at such times as may be specified in the rules or as the credit union or its board of directors may require.
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(3) An officer or voluntary assistant of a credit union shall give security for the purposes of this section either—
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(a) by becoming bound, either with or without a surety as the board of directors may require, in a bond in such form and amount as the board may approve; or
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(b) in such cases as may be approved by the Registrar, by giving such other security as the board of directors may direct.
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(4) In relation to a voluntary assistant, the reference in subsection (1) to taking up office is a reference to his becoming engaged in any way in the operation of the credit union.
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