506 - Joint accounts.

     § 506.  Joint accounts.        (a)  General rule.--Whenever shares of a credit union shall     be issued in the names of two or more persons, the credit union     shall not pay any dividends or earnings thereon, or the     repurchase value thereof, except upon proper receipt,     acquittance or other action, as the case may be, of all of such     persons, unless at the time of subscribing to the shares, or at     a subsequent time, all the parties agree to a different     arrangement, and give the credit union written notice thereof.        (b)  Payments to less than all joint owners.--Whenever any     share accounts of a credit union shall be issued in the names of     two or more persons, and such share accounts shall have been     subscribed for under an arrangement with the credit union     whereby the dividends thereon, or the repurchase value thereof,     may be paid upon receipt, acquittance or other action, as the     case may be, of either or any of such persons, the credit union     may pay such dividends or repurchase value upon such receipt,     acquittance or other action, as the case may be, of either or     any of such persons, pursuant to the arrangement provided for in     this section, notwithstanding the fact that one or more of the     other persons may be dead and the credit union has notice     thereof.        (c)  Revocation of agency.--The co-owner of a joint account     may, with consent of the credit union, give said credit union     written notice not to honor any or all requests for withdrawal     of shares of any other co-owner of the joint account.        (d)  Spousal accounts.--This section, except subsection (c),     shall not be construed to affect share accounts in the names of     a husband and his wife.