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.