370.287. Jointly held shares, survival.
Jointly held shares, survival.
370.287. Shares may be issued in joint tenancy with theright of survivorship with any person designated by the creditunion member, but no person so designated as joint tenant shallbe permitted to vote, obtain loans or hold office unless he iswithin the field of membership and is a qualified member. Anyshares so issued and additions thereto of whatever nature shallbe payable by the credit union on the death of the deceasedmember to the surviving joint tenant, and the payment and thereceipt or acquittance of the same to said surviving joint tenantshall be a valid and sufficient release and discharge to thecredit union for all amounts so paid.
(L. 1959 S.B. 127 § 370.285)