6.2-1362 - (Effective October 1, 2010) Minors' accounts. - Virginia Statutes

§ 6.2-1362. (Effective October 1, 2010) Minors' accounts.

A credit union may issue shares in the name of a minor as the sole andabsolute owner of such shares and may accept the purchase of such shares byand for such owner, pay withdrawals from such share accounts, and act in anyother manner with respect to such share accounts on the order of such minor.Any withdrawal of shares or delivery of funds from such account to the ownerthereof, or payment of a share draft or other written order for withdrawalsigned by such minor owner, shall be a valid and sufficient release anddischarge of the credit union for any payment, withdrawal, or delivery somade. The parent or guardian of such minor shall not in his capacity asparent or guardian have the power to withdraw or transfer shares in any suchaccount unless the minor has given written notice to the credit union toaccept the signature of such parent or guardian.

(Code 1950, § 6-215; 1966, c. 584, § 6.1-207; 1968, c. 560; 1972, c. 825;1979, c. 407; 1990, c. 373, § 6.1-225.45; 2006, c. 755; 2010, c. 794.)