45Insurance against default of officers.N.I.
(1)A council—
(a)shall in the case of an officer employed by it who by reason of his office or employment is likely to be entrusted with the custody or control of money; and
(b)may in the case of—
(i)any other officer employed by it, or
(ii)any person not employed by it who is likely to be entrusted with the custody or control of money or property belonging to the council;
insure against risks of loss to the council arising from default in the faithful execution of his office or default in his duly accounting for all such money or property entrusted to him.
(2)The instruments evidencing every insurance under subsection (1)( a) shall be produced to the auditor at the audit of the accounts of the council.