Alabama Administrative Code
Title 80 - ALABAMA DEPARTMENT OF AGRICULTURE AND INDUSTRIES
MARKETING
Chapter 80-8-3 - BONDING COOPERATIVE OFFICERS
Section 80-8-3-.04 - Procedure When Bond Cancelled
Universal Citation: AL Admin Code R 80-8-3-.04
Current through Register Vol. 42, No. 11, August 30, 2024
When a person required to be bonded under Code of Ala. 1975, § 2-10-23, has the bond cancelled, or in any other manner is not covered under the bond, the association shall then immediately, as provided by law, remove such person from any position with the association that is in control of, or handling the money or property of, the association. Failure of the association to take these steps will be considered grounds for revocation of its permit.
Author: Charles H. Barnes
Statutory Authority: Code of Ala. 1975, §§ 2-3-4, 2-10-23.
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