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This law · s 27
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This law · s 27
Tell us what is wrong in this text. We check every suggestion against the official version before we change anything.
A person shall not act as managing agent unless he has lodged with the Commissioner a bond in the form approved by the Commissioner and for the specified amount given by a bank, finance company or insurer and which binds the bank, finance company or insurer to make good any loss caused by the managing agent as a result of his failure to account for monies received or held by him.
Powers and duties of managing agent