                                 CODE OF VIRGINIA

ACCOUNTS ISSUED IN NAME OF MINOR (§ 6.2-1172)

A savings institution may issue accounts to a minor as sole and absolute owner
of the account. With respect to any such account, a savings institution may (i)
receive deposits by or for the minor owner, (ii) pay withdrawals, (iii) accept
pledges to the association, and (iv) act in any other manner with respect to
such accounts on the order of the minor owner. Any payment or delivery of funds
from such account to its owner, or payment of a check or other written order for
withdrawal signed by its minor owner, shall be a valid and sufficient release
and discharge of the institution for any payment or delivery so made. The parent
or guardian of the minor owner shall not in his capacity as parent or guardian
have the power to withdraw or transfer funds in any such account unless the
minor has given written notice to the association to accept the signature of
such parent or guardian.

HISTORY: Code 1950, § 6-201.23; 1960, c. 402; 1966, c. 584, § 6.1-150; 1972,
c. 796, § 6.1-195.25; 1985, c. 425, § 6.1-194.55; 2010, c. 794.