6.1-194.55 - (Repealed effective October 1, 2010) Accounts issued in name of minor. - Virginia Statutes

§ 6.1-194.55. (Repealed effective October 1, 2010) Accounts issued in name ofminor.

A savings institution may issue accounts to a minor as sole and absoluteowner of such account, and receive deposits by or for such owner, and paywithdrawals, accept pledges to the association, and act in any other mannerwith respect to such accounts on the order of such minor. Any payment ordelivery of funds from such account to the owner thereof, or payment of acheck or other written order for withdrawal signed by such minor owner, shallbe a valid and sufficient release and discharge of such institution for anypayment or delivery so made. The parent or guardian of such minor shall notin his capacity as parent or guardian have the power to withdraw or transferfunds in any such account unless the minor has given written notice to theassociation to accept the signature of such parent or guardian.

(Code 1950, §§ 6-201.23, 6.1-150, 6.1-195.25; 1960, c. 402; 1966, c. 584;1972, c. 796; 1985, c. 425.)