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 isó
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.