§ 533.309

533.309 Share accounts. A state credit union may have share accounts including but not limited to the following types: 1. Ownership share account. The ownership share account shall consist of an account balance held by the state credit union in accordance with the state credit union’s bylaws.Each member may acquire only one ownership share. In the case of a joint account, thejoint account owners may acquire only one ownership share unless each joint account ownerapplies for and is accepted as an individual member. 2. Joint accounts. A member may designate any person or persons to hold shares, deposits, and thrift club accounts with the member in joint tenancy with the right ofsurvivorship, but such joint tenants shall not be permitted to cast more than one vote perownership share jointly held in the state credit union. However, a joint tenant may haveother rights of a jointly held ownership share, including the ability to obtain loans, or holdoffice or be required to pay an entrance fee. Payment of part or all of such joint accounts toany of the joint tenants shall, to the extent of such payment, discharge the liability to all. 3. Account for minors.

required to pay an entrance fee. Payment of part or all of such joint accounts toany of the joint tenants shall, to the extent of such payment, discharge the liability to all. 3. Account for minors. Shares may be issued and deposits accepted in the name of a minor. Such shares and deposits may be withdrawn by the minor and payments made on suchwithdrawals shall be valid. A minor under sixteen years of age shall not be entitled to vote inthe meetings of the members either personally or through the minor’s parent or guardian, anda minor shall not become a director until the minor reaches the minor’s eighteenth birthday. 4. Beneficiary account. If a member makes a deposit for the benefit of a person other than the depositor, the name and residence address of the beneficiary shall be disclosed andthe account shall be kept in the name of the depositor, for the benefit of the beneficiary. Theaccount balance may be withdrawn by the depositor or, upon the death of the depositor, bythe beneficiary or the beneficiary’s legal representative. 2007 Acts, ch 174, §40; 2012 Acts, ch 1020, §16 Sat Dec 23 01:33:17 2023 Iowa Code 2024, Section 533.309 (18, 0)