Utah Code 7-9-31. Shares held in trust
Current as of: 2023 | Check for updates
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(1) | Shares may be issued to and deposits received in the name of a minor, and these shares and deposits may, in the discretion of the board of directors, be withdrawn by the minor or by his parent or guardian. |
(a) | Chapter 9, Utah Credit Union Act; or |
(b) | 12 U. See Utah Code 7-1-103 |
(2) | A credit union share account, share certificate, deposit, or deposit certificate may be held in trust provided that the trustor, trustee, or primary beneficiary is a member of the credit union. |
(3) | The trustee of the trust meeting the requirements of Subsection (2) shall exercise the rights of the trust as a member of the credit union. |
Amended by Chapter 182, 1996 General Session