7-9-31 - Shares held in trust.
7-9-31. Shares held in trust.
(1) Shares may be issued to and deposits received in the name of a minor, and theseshares and deposits may, in the discretion of the board of directors, be withdrawn by the minor orby his parent or guardian.
(2) A credit union share account, share certificate, deposit, or deposit certificate may beheld in trust provided that the trustor, trustee, or primary beneficiary is a member of the creditunion.
(3) The trustee of the trust meeting the requirements of Subsection (2) shall exercise therights of the trust as a member of the credit union.
Amended by Chapter 182, 1996 General Session