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Co-Operative Societies Act 2008 8. Minimum amount of fidelity bond 1. For the purposes of section 87 of the Act, a blanket security or fidelity bond shall be given by all officers including the President, Vice-President, Secretary, Treasurer, Secretary-Treasurer, Manager and any other authorized signing officer, and every employee of the society. 2. In respect of the credit union the minimum amount of security or fidelity bond required is $50,000. 3. In respect of other co-operative societies the minimum amount of the security or fidelity bond is— a. $1,000 in the case of a society with sales or revenue not exceeding $25,000 per year; b. $2,000 in the case of a society with sales or revenue greater than $25,000 but not exceeding $100,000 per year; and c. $5,000 in the case of a society with sales or revenue greater than $100,000 per year.    |
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