17:13-102. Minors; transactions; membership privileges

136 words·~1 min read·/nj/title-17/chapter-13/17-13-102

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

a. Shares, share certificates, and deposit certificates may be issued to, and deposits received from, a minor who may withdraw the shares and deposits, including the dividends and interest thereon. Deposits and share payments made by a minor and withdrawals thereof by the minor, shall be valid in all respects.

b. No minor may hold office within the credit union until he shall have reached his eighteenth birthday.

c. In exercising his membership privileges with a credit union, a minor may make all contracts which any other of its members may make. Any contract of a member who is a minor shall be binding and enforceable against the member in the same manner as if he were of full age at the time of entering the contract.

L.1984, c. 171, s. 24, eff. Oct. 31, 1984.