Wednesday, December 3, 2008
The General Assembly is not in session.
Tracking Virginia’s General Assembly
since 2007.
SB531: Credit unions; minors' accounts.
Be it enacted by the General Assembly of Virginia:
1. That § 6.1-225.45 of the Code of Virginia is amended and reenacted as follows:
§ 6.1-225.45. Minors' accounts.
Shares of aA credit
union may be issued issue shares
in the name of a minor, and such shares may be withdrawn by such minor,
and in such case payments made on such withdrawals shall be valid as
the sole and absolute owner of such shares and may accept the purchase of such shares by and for
such owner, pay withdrawals from such share accounts, and act in any other manner with respect to
such share accounts on the order of such minor. Any withdrawal of shares or delivery of
funds from such account to the owner thereof, or payment of a share draft or other written order for withdrawal
signed by such minor owner, shall be a valid and sufficient release and
discharge of the credit union for any payment, withdrawal, or delivery so made. The parent or guardian
of such minor shall not in his capacity as parent or guardian have the power to
withdraw or transfer shares in any such account unless the minor has given
written notice to the credit union to accept the signature of such parent or
guardian.
Additional Data
Explanation
This is the actual text of the bill — the legislation itself. Generally this is amending existing law, proposing the addition or removal of words from laws that are already on the books.
Words that are highlighted in yellow are
proposed additions, and words that are crossed out in
red are proposed removals.
The numbers with the § symbol before them are references to existing laws, and if you click on them they’ll take you to that part of the law on the state's website.