7-9-31.   Shares held in trust.
     (1) Shares may be issued to and deposits received in the name of a minor, and these shares and deposits may, in the discretion of the board of directors, be withdrawn by the minor or by his parent or guardian.
     (2) A credit union share account, share certificate, deposit, or deposit certificate may be held in trust provided that the trustor, trustee, or primary beneficiary is a member of the credit union.
     (3) The trustee of the trust meeting the requirements of Subsection (2) shall exercise the rights of the trust as a member of the credit union.

Amended by Chapter 182, 1996 General Session
Download Code Section Zipped WordPerfect 07_09_003100.ZIP 1,789 Bytes

Sections in this Chapter|Chapters in this Title|All Titles|Legislative Home Page

Last revised: Thursday, May 28, 2009