Section 4121. Security may be required from banking officers and employees

(a) The board of directors or trustees  of  each  bank,  trust  company,
  savings bank or savings and loan associations in this state, may require
  from  each  officer  and employee thereof an individual fidelity bond in
  favor of the institution in an amount and form approved by such board of
  directors or trustees.
    (b) Such bond shall be accepted only from a corporation authorized  to
  issue  fidelity  bonds  and  doing  business  in  this  state  under the
  authority of the department.
    (c) The premium for such bond may be paid as a  necessary  expense  of
  any such banking institution.