6.2-1358 - (Effective October 1, 2010) Share accounts. - Virginia Statutes

§ 6.2-1358. (Effective October 1, 2010) Share accounts.

A. Every credit union may issue shares to and maintain share accounts for anymember qualified pursuant to the credit union's bylaws.

B. Shares and share accounts may be withdrawn for payment to the accountholder or to third parties in such manner and in accordance with suchprocedures as may be established by the board of directors.

C. Shares and share accounts shall be subject to any withdrawal noticerequirement that may be imposed pursuant to the credit union bylaws.

(Code 1950, § 6-214; 1956, c. 90; 1966, c. 584, § 6.1-206; 1968, c. 560;1975, c. 33; 1990, c. 373, § 6.1-225.41; 2010, c. 794.)