26.1-16-11. Bonds of officers and agents

26.1-16-11. Bonds of officers and agents After a benevolent society has been licensed by the commissioner, the bonding of its officers and agents is discretionary with its board of directors. During the period between the filing of articles of incorporation and the issuing of a certificate of authority, however, the commissioner shall set the amounts of the bonds sufficient to guarantee return of membership fees collected in case the organization is not completed, and the bonds must be filed with the commissioner.