Sec. 06.45.010. Responsibility of commissioner.

224 words·~1 min read·/ak/title-6/chapter-45/06-45-010·

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(a)The commissioner shall administer this chapter.

(b)The commissioner may by regulation define the powers of credit unions formed under this chapter and adopt regulations to carry out the purposes of credit unions consistent with this chapter and AS 06.01.020 .

(c)The commissioner may delegate any authority, power, or function granted by this chapter.

(d)The records of credit unions shall be kept and reports shall be made in accordance with regulations adopted by the commissioner.

(e)A person appointed or elected by a credit union to a position requiring the receipt, payment, or custody of money or personal property owned by a credit union or in its custody or control as collateral or otherwise shall give bond in a corporate surety company approved by the commissioner on a form approved by the commissioner and in an amount prescribed by the commissioner. The commissioner may approve the use of a form of schedule or blanket bond which covers all the officers and employees of a credit union whose duties include the receipt, payment, or custody of money or other personal property for or on behalf of the credit union. The commissioner may approve the use of a form of excess coverage bond under which a credit union may obtain coverage in excess of the basic surety coverage.