Sec. 7005. Holders of deposit accounts.
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/il/chapter-205/act-205/7005·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 7005. Holders of deposit accounts.
(a)Deposit accounts of a savings bank may be held as follows:
(1)by any individual in his own right, regardless of age or marital status, or by 2 or
more individuals;
(2)by a fiduciary when authorized by law;
(3)by a government or governmental instrumentality when authorized by law; and
(4)by any corporation or other person when not prohibited by law.
(b)A savings bank may accept deposits made by a minor and may open an account in the name of the minor, and the rules and regulations of the savings bank with respect to each deposit and account of the minor shall be as binding upon the minor as if the minor were of full age and legal capacity. The receipt, acquittance, or order of payment of the minor on such account or deposit or any part thereof shall be as binding upon the minor as if the minor were of full age and legal capacity.