1. (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. (1) the department;
   2. (2) NCUA and the Federal Bureau of Investigation;
   3. (3) the nearest office of the Alaska State Troopers;
   4. (4) the state district attorney serving the district in which the credit union is located; and
   5. (5) the bonding company.
2. (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.

(Eff. 1/21/81, Register 77)

Authority: AS 06.45.010