Alaska Administrative Code
Title 3 - Commerce, Community, and Economic Development
Part 1 - Banking, Securities, Small Loans and Corporations
Chapter 03 - Credit Unions
Article 5 - Prohibited Practices and Sanctions
3 AAC 03.410 - Embezzlement by officers or employees
Universal Citation: 3 AK Admin Code 03.410
Current through February 24, 2025
(a) If an embezzlement or mysterious disappearance of cash, securities, notes, or other assets is discovered in a credit union, an immediate report must be made by officers of the credit union, which fully discloses the circumstances under which it occurred. The disclosure shall be made to the following:
(1) the department;
(2) NCUA and the Federal Bureau of
Investigation;
(3) the nearest
office of the Alaska State Troopers;
(4) the state district attorney serving the
district in which the credit union is located; and
(5) the bonding company.
(b) The officers of the credit union shall notify the board of directors at the next regular or special meeting of the embezzlement or mysterious disappearance of assets and the circumstances under which it occurred.
Authority:AS 06.45.010
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