17-2213. Shares to minors; joint tenancy shareholdings; trust accounts; credit union can act as trustee or custodian. (a) Any credit union may receive money for the payment of shares from minors or in the name of minors and may pay the same to such minors whether or not the minors are emancipated until receiving a certified copy of the appointment of a legal guardian of such minor. Payments so made shall discharge the credit union forever from any further liability on account of such shareholdings for the money so paid by the credit union.
(b) Shares may be issued in the name of a minor and in trust in such way and manner as bylaws provide. All types of shares may be held in the name of a member in trust for a beneficiary or beneficiaries or in the name of a nonmember in trust for a beneficiary who is a member. Beneficiaries may be minors, but no beneficiary unless a member shall be permitted to vote, obtain loans, hold office or be required to pay an entrance or membership fee. Payment of part or all of such a trust account to the party in whose name the account is held shall, to the extent of such payment, discharge the liability of the credit union to that party and to the beneficiary and the credit union shall be under no obligation to see to the application of such payment. In the event of death of the party in whose name a trust account is held the funds shall be paid to the beneficiary.
(c) A member may designate any person or persons, including minors, to hold shares with such member in joint tenancy with the right of survivorship, but no joint tenant, unless a member shall be permitted to vote, obtain loans, or hold office or be required to pay an entrance fee or membership fee. Such joint tenancy shareholdings or any part thereof or any dividends or earnings due or payable thereon may be paid to or on order of any joint tenant, whether the other or others be living or not; and the receipt, order, or acquittance of the persons so paid shall be a valid and sufficient release and discharge to the credit union for any payment so made.
(d) A credit union is authorized to act as trustee or custodian, and may receive reasonable compensation for so acting, under any written trust instrument or custodial agreement created or organized in the United States and forming part of a pension plan which qualifies or qualified for specific tax treatment under section 401(d) or 408 of the internal revenue code, for its members or groups or organizations of its members, provided the funds of such plans are invested in share accounts or share certificate accounts of the credit union.
The plan shall provide for the appointment of a successor trustee or custodian by a person, committee, corporation or organization other than the credit union or any person acting in a capacity as a director, employee or agent of the credit union, upon notice from the credit union or the administrator that the credit union is unwilling or unable to continue to act as trustee or custodian.
History: L. 1929, ch. 141, § 13; L. 1963, ch. 140, § 8; L. 1982, ch. 102, § 7; L. 1983, ch. 83, § 1; July 1.
Structure Kansas Statutes
17-2203 Use of name; penalty for unauthorized use.
17-2204 Powers of credit unions.
17-2204a Investments; limitations; definition of credit union services organization.
17-2205 Credit unions, fields of membership. [See Revisor's Note]
17-2206 Supervision and powers of administrator; reports, fines; examination, fees.
17-2207 Fiscal year; meetings.
17-2208 Officers; board of directors; committees; suspension of members, when.
17-2209 Directors to elect officers; duties of board; executive committee.
17-2210 Method of making loans.
17-2215 Power to borrow money; limitations.
17-2215a Power of corporate credit unions to borrow increased by amount of certain investments.
17-2216 Loans to members; limitations.
17-2216a Loans to directors or members of credit or supervisory committees; conditions.
17-2217 Reserve income; payments into reserve fund; rules and regulations.
17-2219 Expulsion of members, when; policy, notice; withdrawal of member from credit union.
17-2221 Change in place of business; how accomplished.
17-2221a Credit union branches; procedure.
17-2222 Conversion from state to federal credit union.
17-2230 Voluntary and involuntary dissolution; appointment of agent; liquidation procedure.
17-2232 Credit union council; membership, appointment, terms; meetings.
17-2233 Credit union administrator; appointment, duties, salary, expenses and term.
17-2234 Department of credit unions; supervision; employees; attorney; security background check.
17-2235 Credit union council's compensation and expenses.
17-2237 Transfer of jurisdiction and records.
17-2238 Continuity of previously organized credit unions.
17-2239 Continuity of proceedings.
17-2240 Housing of department.
17-2246 Share insurance required.
17-2260 Rules and regulations.
17-2264 Same; duties of credit union; release and discharge thereof.
17-2268 Personal liability of officers and directors, exceptions.