Officials and employees of all departments and agencies of the state shall be bonded by means of a blanket undertaking or undertakings from any duly authorized corporate surety, such blanket undertaking or undertakings to indemnify against losses through one or both of the following conditions: I. Through the failure of the officers, clerks and employees covered thereunder faithfully to perform their duties or to account properly for all moneys or property received by virtue of their positions or employment, or II. Through fraudulent or dishonest acts committed by the officers, clerks and employees covered thereunder.
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