(1) A credit union may allow a member holding a regular share or deposit account to use that account as a share draft account as provided in this section, subject to conditions established by the board of directors.
(2) As used in this section:
(a) “Share draft” means a negotiable or nonnegotiable draft used to withdraw shares or deposits from a share draft account.
(b) “Share draft account” means any regular share account or deposit account from which the credit union allows shares or deposits to be withdrawn by means of a share draft or other order.
(3) The terms “share draft” and “share draft account” may encompass accounts whether the underlying account is a share account or a deposit account, without changing the type of account. [1981 c.290 §2; 1983 c.37 §36c; 1999 c.185 §40]Section: Previous 723.412 723.416 723.420 723.422 723.426 723.430 723.432 723.434 723.436 723.440 723.441 723.442 723.444 723.446 723.447 Next
Last modified: August 7, 2008