§ 6.1-194.55. Accounts issued in name of minor
A savings institution may issue accounts to a minor as sole and absolute owner of such account, and receive deposits by or for such owner, and pay withdrawals, accept pledges to the association, and act in any other manner with respect to such accounts on the order of such minor. Any payment or delivery of funds from such account to the owner thereof, or payment of a check or other written order for withdrawal signed by such minor owner, shall be a valid and sufficient release and discharge of such institution for any payment or delivery so made. The parent or guardian of such minor 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.
(Code 1950, §§ 6-201.23, 6.1-150, 6.1-195.25; 1960, c. 402; 1966, c. 584; 1972, c. 796; 1985, c. 425.)
Sections: Previous 6.1-194.48 6.1-194.49 6.1-194.50 6.1-194.51 6.1-194.52 6.1-194.53 6.1-194.54 6.1-194.55 6.1-194.56 6.1-194.57 6.1-194.58 6.1-194.59 6.1-194.60 6.1-194.61 6.1-194.62 NextLast modified: April 2, 2009