(a) County to purchase bond for each fiduciary. The County shall purchase a bond for each fiduciary who is not otherwise bonded by the County. The bond shall be in the amount set forth in § 1-9-102 of this Code. This bond is the only bond required for a fiduciary to exercise custody or control of any assets of the System.
(b) Bond required to exercise custody or control of assets. Unless a fiduciary is bonded as required by subsection (a), the fiduciary may not exercise custody or control of any assets of the System.
(c) Violation. A fiduciary may not allow another fiduciary to act in violation of subsection (b).
(1985 Code, Art. 7, § 2-410)
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