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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>77351</law_id><section_number>6.2-1362</section_number><catch_line>Minors&amp;#8217; accounts</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><structure><unit label="title" level="1" order_by="1" identifier="6.2">Financial Institutions and Services</unit><unit label="subtitle" level="2" order_by="1" identifier="II">Depository Institutions and Trust Organizations</unit><unit label="chapter" level="3" order_by="1" identifier="13">Credit Unions</unit><unit label="article" level="4" order_by="1" identifier="8">Accounts</unit></structure><text>
						<section><p>A <span class="dictionary">credit union</span> may <span class="dictionary">issue</span> <span class="dictionary">shares</span> in the name of a <span class="dictionary">minor</span> as the sole and absolute owner of such <span class="dictionary">shares</span> and may accept the purchase of such <span class="dictionary">shares</span> by and for such owner, pay withdrawals from such <span class="dictionary">share accounts</span>, and act in any other manner with respect to such <span class="dictionary">share accounts</span> on the <span class="dictionary">order</span> of such <span class="dictionary">minor</span>. Any withdrawal of <span class="dictionary">shares</span> or delivery of funds from such account to the owner thereof, or payment of a share draft or other written <span class="dictionary">order</span> for withdrawal signed by such <span class="dictionary">minor</span> owner, shall be a valid and sufficient release and discharge of the <span class="dictionary">credit union</span> for any payment, withdrawal, or delivery so made. The parent or guardian of such <span class="dictionary">minor</span> shall not in his capacity as parent or guardian have the power to withdraw or transfer <span class="dictionary">shares</span> in any such account unless the <span class="dictionary">minor</span> has given written notice to the <span class="dictionary">credit union</span> to accept the signature of such parent or guardian.</p></section></text><history>Code 1950, &#xA7; 6-215; 1966, c. 584, &#xA7; 6.1-207; 1968, c. 560; 1972, c. 825; 1979, c. 407; 1990, c. 373, &#xA7; 6.1-225.45; 2006, c. 755; 2010, c. 794.</history><metadata></metadata></law>
