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(a) A permittee or an operator shall deposit money collected from gaming activities, less cash prizes, in a bank account with check-writing privileges in the name of the permittee or operator. Deposits for each bingo session or any other authorized activity under AS 05.15 shall be made within three days of the close of the bingo session or within three days of the conduct of any other authorized activity under AS 05.15. The bank account must be separate from an account used for other money of the permittee or operator.
(b) A disbursement from a permittee bank account described under (a) of this section must be made by a check that is signed by two authorized members of the permittee who are natural persons and residents of the state.
(c) A check drawn on a bank account described under (a) of this section
(1) repealed 11/10/96;
(2) may not be drawn to "cash" or to a fictitious payee.
(d) Interest income earned on the bank account required by (a) of this section is subject to the provisions of AS 05.15.150 .
History: Eff. 7/30/94, Register 131; am 11/10/96, Register 140; am 1/1/2003, Register 164; am 9/3/2005, Register 175
Authority: AS 05.15.060
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Last modified 7/05/2006