Sec. 31. Every credit union shall make provisions for adequate fidelity coverage for all directors, officers, and employees having access to money or bonds of the credit union. The amount and form of fidelity coverage must be approved annually by the board of directors of the credit union. Coverage may be provided:
(1) in the form of a blanket fidelity bond issued by a corporate surety authorized to transact business in Indiana; or
(2) through the establishment of a separate reserve fund within the credit union for that purpose.