11-39-27 - Bond of trustees.
§ 11-39-27. Bond of trustees.
Before they enter upon the discharge of their duties, the trustees shall execute bond in such sum as may be prescribed, and with such sureties as may be approved by the judge, payable to the state, and conditioned for the faithful discharge of their duties as trustees, which bond may be put in suit for a breach thereof; and the amount collected thereon shall constitute a fund for the benefit of creditors or stockholders, as other funds of the corporation.
Sources: Codes, 1857, ch. 35, art. 23; 1871, §§ 1507, 1508; 1880, § 2600; 1892, § 3533; 1906, § 4030; Hemingway's 1917, § 3025; 1930, § 3066; 1942, § 1133.