7-9-31. Shares held in trust.
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/ut/title-7/chapter-9/7-9-31A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Effective 5/7/2025
7-9-31. Shares held in trust.
(1)Shares may be issued to and deposits received in the name of a minor, and these shares and deposits may, in the discretion of the board of directors, be withdrawn by the minor or by the minor's parent or guardian.
(2)A credit union share account, share certificate, deposit, or deposit certificate may be held in trust provided that the trustor, trustee, or primary beneficiary is a member of the credit union.
(3)The trustee of the trust meeting the requirements of Subsection
(2)shall exercise the rights of the trust as a member of the credit union.
Amended by Chapter 302 , 2025 General Session