A. A person may withdraw monies in share and deposit accounts for payment to the account holder or to third parties in the manner and in accordance with the procedures established by the board of directors.

Terms Used In Arizona Laws 6-554

  • Credit union: means a cooperative nonprofit association that is incorporated under this chapter for the purposes of encouraging thrift among its members and creating a source of credit and other financial services at fair and reasonable cost. See Arizona Laws 6-501
  • Membership share: means a balance held by a credit union and established by a member according to the standards prescribed by the credit union. See Arizona Laws 6-501
  • Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215

B. Share and deposit accounts are subject to any withdrawal notice requirements imposed pursuant to the bylaws.

C. A person may not redeem or withdraw a membership share except on termination of membership in the credit union.

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