14850. The Corporate Securities Law relating to the necessity of
qualification of the sale of securities does not apply to the sale
and issue of membership shares, certificates for funds, and other
securities, by credit unions organized under this division or
lawfully doing business in this state. No credit union lawfully doing
business in this state shall be required to file a certificate for
determination of preference with the office of the Secretary of State
in connection with any share offering so long as it complies with
all applicable provisions of this division and the rules of the
commissioner.
14851. (a) Every credit union may issue shares (1) to any member
qualified pursuant to the credit union's bylaws; (2) to an officer,
employee, or agent of nonmember units of federal, Indian tribal,
state, or local governments, and political subdivisions thereof when
acting in his or her official capacity; and (3) in coownership to a
member and any person designated by the member. Coownership, as used
herein, includes, but is not limited to, joint tenancy, tenancy in
common, or community property forms of ownership. No membership
privilege, including voting and obtaining a loan, may be made
available to any nonmember as a result of ownership of shares solely
as coowner of shares with a member, and any certificate or other
evidence of shares which may be issued, shall contain the words "No
transfer of voting rights or other membership privilege is permitted
by virtue of transfer of shares." Shares may be transferred to a
public agency lawfully entitled to receive the shares when designated
by a member as assignee of an account pledged as a surety deposit to
the public agency by the member.
(b) A credit union that has a low-income designation pursuant to
Section 701.34 of the regulations of the National Credit Union
Administration (12 C.F.R. Sec. 701.34) may issue shares to
nonmembers. Except with the written approval of the commissioner, the
total number of shares issued by the credit union to nonmembers
pursuant to this subdivision shall not exceed 20 percent of the
unimpaired capital and surplus of the credit union.
14852. Every credit union may charge a reasonable fee for the
transfer of its shares.
14853. A credit union may issue shares or certificates for funds to
a minor of any age or maintain any other account authorized for
credit union members for a minor, and receive payments thereon by or
for the minor. The minor is entitled to withdraw, transfer, or pledge
any shares or certificates or other moneys owned by him or her and
to receive from the credit union all dividends, interest, or other
money due thereon in the same manner and subject to the same
conditions as an adult. The receipt or acquittance of a minor
constitutes a valid release and discharge of the credit union for the
payment of dividends, interest, or other money due to the minor.
14854. Subject to Section 14860, a credit union share account that
is a multiple-party account, as defined in Section 5132 of the
Probate Code, is governed by Part 2 (commencing with Section 5100) of
Division 5 of the Probate Code.
14855. Every credit union may receive money and accumulate funds to
be loaned and execute certificates for funds for the money received.
The certificates for funds shall specify the date, amount, rate of
interest, and when the principal and interest are payable.
14856. Every credit union may impress a lien upon the shares and
dividends of any member to the extent of any obligations entered into
with that member and for any dues or charges payable by that member.
14857. Every credit union may cancel the shares of any member who
withdraws or is expelled, and apply the value of the shares to the
liquidation of the member's indebtedness to the credit union.
14858. Every credit union shall apply for and obtain insurance as
provided for by Title II of the Federal Credit Union Act (12 U.S.C.
Sec. 1781 and following), or other insurance or guaranty of shares
that is not unsatisfactory to the commissioner. In seeking and
retaining this insurance or guaranty, a credit union may do all
things and assume and discharge all obligations required of it when
not in conflict with the laws of this state.
14860. Except as provided in this section and Part 2 (commencing
with Section 5100) of Division 5 of the Probate Code, no credit union
shall exercise trust powers except upon qualifying as a trust
company pursuant to Division 1 (commencing with Section 99).
(a) Notwithstanding any other provisions of law relating to trusts
and trust authority, subject to the regulations of the commissioner,
a credit union may act as a 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 which is a part of a pension, education, or medical plan for
its members or groups or organizations of its members, which
qualifies or has qualified for specific tax treatment under Section
220, 223, 401, 408, 408A, 457, or 530 of the Internal Revenue Code,
Title 26 of the United States Code, or any deferred compensation plan
for the benefit of the credit union's employees, provided the funds
received pursuant to these plans are invested as provided in Section
16040 of the Probate Code. All funds held by a credit union as
trustee or in a custodial capacity shall be maintained in accordance
with applicable laws and rules and regulations as may be promulgated
by the Secretary of Labor, the Secretary of the Treasury, or any
other authority exercising jurisdiction over the trust or custodial
accounts. The credit union shall maintain individual records for each
participant or beneficiary that show in detail all transactions
relating to the funds of each participant or beneficiary.
The trust instrument or agreement 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 his or her capacity as a director, employee,
or agent of the credit union, upon notice from the credit union or
the commissioner that the credit union is unwilling or unable to
continue to act as trustee or custodian.
(b) Shares may be issued in a revocable or irrevocable trust
subject to the following:
(1) When shares are issued in a revocable trust, the settlor shall
be a member of the credit union issuing the shares in his or her own
right. If the trust has joint settlers, who are husband and wife,
then only one settlor need be a member of the credit union.
(2) When shares are issued in an irrevocable trust, the settlor or
the beneficiary shall be a member of this credit union in his or her
own right. For purposes of this section, shares issued pursuant to a
pension plan authorized by this section shall be treated as an
irrevocable trust unless otherwise indicated in rules and regulations
issued by the commissioner.
(3) This subdivision does not apply to trust accounts established
prior to the effective date of this subdivision.
14861. No credit union shall issue shares to anyone not qualified
for membership under its bylaws, except shares issued in coownership
as provided in Section 14851.
14862. The board of directors shall establish from time to time a
written savings capital structure policy which shall set out the
various terms and conditions upon which credit union shares may be
issued, paid for, transferred, and withdrawn. The savings capital
structure policy may provide for different rates, maturities and
minimum share account balances, subject to the rules of the
commissioner for the credit union's savings capital and the terms and
conditions on which dividends may be calculated and paid to member's
purchasing credit union shares. The savings capital structure policy
shall have as its goal avoiding instability in the credit union's
savings capital and thereby providing that credit union members have
an adequate source of funds for loans and receive a fair return on
member savings capital.
14863. (a) A credit union shall not impose any charge on a member
or depositor holding a periodic certificate for funds for the failure
of such member or depositor to invest, or for the late investment
of, any agreed periodic installment investment in such a periodic
certificate for funds. A credit union shall pay interest on periodic
certificates for funds at the same rate of interest per annum as is
paid on certificates for funds as to which a member or depositor has
not agreed to make periodic installment investments.
(b) As used in this section "periodic certificate for funds" means
a certificate for funds under which a member or depositor undertakes
to make periodic investments of a specified amount into one account,
except, however, a periodic certificate for funds shall not mean an
impound account established for the purpose of payment of taxes or
other expenses and obligations in connection with a loan secured by
real property.
14865. Shares issued by a credit union to a member shall be
evidenced in monetary amounts rather than by numbers of shares. The
shares owned by a member also may be referred to as a "share account"
. There shall be no limit to the amount of shares which a credit
union may issue.
14866. The evidence of credit union shares issued shall be a
certificate, a passbook, a statement or other evidence approved by
regulation of the commissioner. The evidence of any credit union
shares shall not constitute an "investment security" under Division 8
(commencing with Section 8101) of the Commercial Code.
14867. (a) Shares, including special shares, and certificates for
funds may be withdrawn for payment to the owner or for any third
party, in the manner and in accordance with written procedures which
shall be established by the board of directors.
(b) The board of directors may waive any requirement of notice of
intent to withdraw or provide that there is no requirement of notice
of intent to withdraw or to transfer funds, except when requirement
of the notice is imposed by applicable law.
(c) Unless otherwise provided by written agreement of the parties,
the rights, responsibilities, and liabilities of a person regarding
an item withdrawn from a credit union, or transferred to a credit
union or otherwise handled by a credit union are defined in and
determined by the provisions of Division 3 (commencing with Section
3101) and Division 4 (commencing with Section 4101) of the Commercial
Code, as if the credit union were a bank.
14868. (a) As used in this section:
(1) "Beneficiary" has the meaning given that term in Section 5126
of the Probate Code.
(2) "Totten trust account" has the meaning given that term in
Section 80 of the Probate Code.
(b) In the case of a Totten trust account, the deposit agreement
shall indicate the current address of each beneficiary.
14850. The Corporate Securities Law relating to the necessity of
qualification of the sale of securities does not apply to the sale
and issue of membership shares, certificates for funds, and other
securities, by credit unions organized under this division or
lawfully doing business in this state. No credit union lawfully doing
business in this state shall be required to file a certificate for
determination of preference with the office of the Secretary of State
in connection with any share offering so long as it complies with
all applicable provisions of this division and the rules of the
commissioner.
14851. (a) Every credit union may issue shares (1) to any member
qualified pursuant to the credit union's bylaws; (2) to an officer,
employee, or agent of nonmember units of federal, Indian tribal,
state, or local governments, and political subdivisions thereof when
acting in his or her official capacity; and (3) in coownership to a
member and any person designated by the member. Coownership, as used
herein, includes, but is not limited to, joint tenancy, tenancy in
common, or community property forms of ownership. No membership
privilege, including voting and obtaining a loan, may be made
available to any nonmember as a result of ownership of shares solely
as coowner of shares with a member, and any certificate or other
evidence of shares which may be issued, shall contain the words "No
transfer of voting rights or other membership privilege is permitted
by virtue of transfer of shares." Shares may be transferred to a
public agency lawfully entitled to receive the shares when designated
by a member as assignee of an account pledged as a surety deposit to
the public agency by the member.
(b) A credit union that has a low-income designation pursuant to
Section 701.34 of the regulations of the National Credit Union
Administration (12 C.F.R. Sec. 701.34) may issue shares to
nonmembers. Except with the written approval of the commissioner, the
total number of shares issued by the credit union to nonmembers
pursuant to this subdivision shall not exceed 20 percent of the
unimpaired capital and surplus of the credit union.
14852. Every credit union may charge a reasonable fee for the
transfer of its shares.
14853. A credit union may issue shares or certificates for funds to
a minor of any age or maintain any other account authorized for
credit union members for a minor, and receive payments thereon by or
for the minor. The minor is entitled to withdraw, transfer, or pledge
any shares or certificates or other moneys owned by him or her and
to receive from the credit union all dividends, interest, or other
money due thereon in the same manner and subject to the same
conditions as an adult. The receipt or acquittance of a minor
constitutes a valid release and discharge of the credit union for the
payment of dividends, interest, or other money due to the minor.
14854. Subject to Section 14860, a credit union share account that
is a multiple-party account, as defined in Section 5132 of the
Probate Code, is governed by Part 2 (commencing with Section 5100) of
Division 5 of the Probate Code.
14855. Every credit union may receive money and accumulate funds to
be loaned and execute certificates for funds for the money received.
The certificates for funds shall specify the date, amount, rate of
interest, and when the principal and interest are payable.
14856. Every credit union may impress a lien upon the shares and
dividends of any member to the extent of any obligations entered into
with that member and for any dues or charges payable by that member.
14857. Every credit union may cancel the shares of any member who
withdraws or is expelled, and apply the value of the shares to the
liquidation of the member's indebtedness to the credit union.
14858. Every credit union shall apply for and obtain insurance as
provided for by Title II of the Federal Credit Union Act (12 U.S.C.
Sec. 1781 and following), or other insurance or guaranty of shares
that is not unsatisfactory to the commissioner. In seeking and
retaining this insurance or guaranty, a credit union may do all
things and assume and discharge all obligations required of it when
not in conflict with the laws of this state.
14860. Except as provided in this section and Part 2 (commencing
with Section 5100) of Division 5 of the Probate Code, no credit union
shall exercise trust powers except upon qualifying as a trust
company pursuant to Division 1 (commencing with Section 99).
(a) Notwithstanding any other provisions of law relating to trusts
and trust authority, subject to the regulations of the commissioner,
a credit union may act as a 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 which is a part of a pension, education, or medical plan for
its members or groups or organizations of its members, which
qualifies or has qualified for specific tax treatment under Section
220, 223, 401, 408, 408A, 457, or 530 of the Internal Revenue Code,
Title 26 of the United States Code, or any deferred compensation plan
for the benefit of the credit union's employees, provided the funds
received pursuant to these plans are invested as provided in Section
16040 of the Probate Code. All funds held by a credit union as
trustee or in a custodial capacity shall be maintained in accordance
with applicable laws and rules and regulations as may be promulgated
by the Secretary of Labor, the Secretary of the Treasury, or any
other authority exercising jurisdiction over the trust or custodial
accounts. The credit union shall maintain individual records for each
participant or beneficiary that show in detail all transactions
relating to the funds of each participant or beneficiary.
The trust instrument or agreement 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 his or her capacity as a director, employee,
or agent of the credit union, upon notice from the credit union or
the commissioner that the credit union is unwilling or unable to
continue to act as trustee or custodian.
(b) Shares may be issued in a revocable or irrevocable trust
subject to the following:
(1) When shares are issued in a revocable trust, the settlor shall
be a member of the credit union issuing the shares in his or her own
right. If the trust has joint settlers, who are husband and wife,
then only one settlor need be a member of the credit union.
(2) When shares are issued in an irrevocable trust, the settlor or
the beneficiary shall be a member of this credit union in his or her
own right. For purposes of this section, shares issued pursuant to a
pension plan authorized by this section shall be treated as an
irrevocable trust unless otherwise indicated in rules and regulations
issued by the commissioner.
(3) This subdivision does not apply to trust accounts established
prior to the effective date of this subdivision.
14861. No credit union shall issue shares to anyone not qualified
for membership under its bylaws, except shares issued in coownership
as provided in Section 14851.
14862. The board of directors shall establish from time to time a
written savings capital structure policy which shall set out the
various terms and conditions upon which credit union shares may be
issued, paid for, transferred, and withdrawn. The savings capital
structure policy may provide for different rates, maturities and
minimum share account balances, subject to the rules of the
commissioner for the credit union's savings capital and the terms and
conditions on which dividends may be calculated and paid to member's
purchasing credit union shares. The savings capital structure policy
shall have as its goal avoiding instability in the credit union's
savings capital and thereby providing that credit union members have
an adequate source of funds for loans and receive a fair return on
member savings capital.
14863. (a) A credit union shall not impose any charge on a member
or depositor holding a periodic certificate for funds for the failure
of such member or depositor to invest, or for the late investment
of, any agreed periodic installment investment in such a periodic
certificate for funds. A credit union shall pay interest on periodic
certificates for funds at the same rate of interest per annum as is
paid on certificates for funds as to which a member or depositor has
not agreed to make periodic installment investments.
(b) As used in this section "periodic certificate for funds" means
a certificate for funds under which a member or depositor undertakes
to make periodic investments of a specified amount into one account,
except, however, a periodic certificate for funds shall not mean an
impound account established for the purpose of payment of taxes or
other expenses and obligations in connection with a loan secured by
real property.
14865. Shares issued by a credit union to a member shall be
evidenced in monetary amounts rather than by numbers of shares. The
shares owned by a member also may be referred to as a "share account"
. There shall be no limit to the amount of shares which a credit
union may issue.
14866. The evidence of credit union shares issued shall be a
certificate, a passbook, a statement or other evidence approved by
regulation of the commissioner. The evidence of any credit union
shares shall not constitute an "investment security" under Division 8
(commencing with Section 8101) of the Commercial Code.
14867. (a) Shares, including special shares, and certificates for
funds may be withdrawn for payment to the owner or for any third
party, in the manner and in accordance with written procedures which
shall be established by the board of directors.
(b) The board of directors may waive any requirement of notice of
intent to withdraw or provide that there is no requirement of notice
of intent to withdraw or to transfer funds, except when requirement
of the notice is imposed by applicable law.
(c) Unless otherwise provided by written agreement of the parties,
the rights, responsibilities, and liabilities of a person regarding
an item withdrawn from a credit union, or transferred to a credit
union or otherwise handled by a credit union are defined in and
determined by the provisions of Division 3 (commencing with Section
3101) and Division 4 (commencing with Section 4101) of the Commercial
Code, as if the credit union were a bank.
14868. (a) As used in this section:
(1) "Beneficiary" has the meaning given that term in Section 5126
of the Probate Code.
(2) "Totten trust account" has the meaning given that term in
Section 80 of the Probate Code.
(b) In the case of a Totten trust account, the deposit agreement
shall indicate the current address of each beneficiary.
14850. The Corporate Securities Law relating to the necessity of
qualification of the sale of securities does not apply to the sale
and issue of membership shares, certificates for funds, and other
securities, by credit unions organized under this division or
lawfully doing business in this state. No credit union lawfully doing
business in this state shall be required to file a certificate for
determination of preference with the office of the Secretary of State
in connection with any share offering so long as it complies with
all applicable provisions of this division and the rules of the
commissioner.
14851. (a) Every credit union may issue shares (1) to any member
qualified pursuant to the credit union's bylaws; (2) to an officer,
employee, or agent of nonmember units of federal, Indian tribal,
state, or local governments, and political subdivisions thereof when
acting in his or her official capacity; and (3) in coownership to a
member and any person designated by the member. Coownership, as used
herein, includes, but is not limited to, joint tenancy, tenancy in
common, or community property forms of ownership. No membership
privilege, including voting and obtaining a loan, may be made
available to any nonmember as a result of ownership of shares solely
as coowner of shares with a member, and any certificate or other
evidence of shares which may be issued, shall contain the words "No
transfer of voting rights or other membership privilege is permitted
by virtue of transfer of shares." Shares may be transferred to a
public agency lawfully entitled to receive the shares when designated
by a member as assignee of an account pledged as a surety deposit to
the public agency by the member.
(b) A credit union that has a low-income designation pursuant to
Section 701.34 of the regulations of the National Credit Union
Administration (12 C.F.R. Sec. 701.34) may issue shares to
nonmembers. Except with the written approval of the commissioner, the
total number of shares issued by the credit union to nonmembers
pursuant to this subdivision shall not exceed 20 percent of the
unimpaired capital and surplus of the credit union.
14852. Every credit union may charge a reasonable fee for the
transfer of its shares.
14853. A credit union may issue shares or certificates for funds to
a minor of any age or maintain any other account authorized for
credit union members for a minor, and receive payments thereon by or
for the minor. The minor is entitled to withdraw, transfer, or pledge
any shares or certificates or other moneys owned by him or her and
to receive from the credit union all dividends, interest, or other
money due thereon in the same manner and subject to the same
conditions as an adult. The receipt or acquittance of a minor
constitutes a valid release and discharge of the credit union for the
payment of dividends, interest, or other money due to the minor.
14854. Subject to Section 14860, a credit union share account that
is a multiple-party account, as defined in Section 5132 of the
Probate Code, is governed by Part 2 (commencing with Section 5100) of
Division 5 of the Probate Code.
14855. Every credit union may receive money and accumulate funds to
be loaned and execute certificates for funds for the money received.
The certificates for funds shall specify the date, amount, rate of
interest, and when the principal and interest are payable.
14856. Every credit union may impress a lien upon the shares and
dividends of any member to the extent of any obligations entered into
with that member and for any dues or charges payable by that member.
14857. Every credit union may cancel the shares of any member who
withdraws or is expelled, and apply the value of the shares to the
liquidation of the member's indebtedness to the credit union.
14858. Every credit union shall apply for and obtain insurance as
provided for by Title II of the Federal Credit Union Act (12 U.S.C.
Sec. 1781 and following), or other insurance or guaranty of shares
that is not unsatisfactory to the commissioner. In seeking and
retaining this insurance or guaranty, a credit union may do all
things and assume and discharge all obligations required of it when
not in conflict with the laws of this state.
14860. Except as provided in this section and Part 2 (commencing
with Section 5100) of Division 5 of the Probate Code, no credit union
shall exercise trust powers except upon qualifying as a trust
company pursuant to Division 1 (commencing with Section 99).
(a) Notwithstanding any other provisions of law relating to trusts
and trust authority, subject to the regulations of the commissioner,
a credit union may act as a 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 which is a part of a pension, education, or medical plan for
its members or groups or organizations of its members, which
qualifies or has qualified for specific tax treatment under Section
220, 223, 401, 408, 408A, 457, or 530 of the Internal Revenue Code,
Title 26 of the United States Code, or any deferred compensation plan
for the benefit of the credit union's employees, provided the funds
received pursuant to these plans are invested as provided in Section
16040 of the Probate Code. All funds held by a credit union as
trustee or in a custodial capacity shall be maintained in accordance
with applicable laws and rules and regulations as may be promulgated
by the Secretary of Labor, the Secretary of the Treasury, or any
other authority exercising jurisdiction over the trust or custodial
accounts. The credit union shall maintain individual records for each
participant or beneficiary that show in detail all transactions
relating to the funds of each participant or beneficiary.
The trust instrument or agreement 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 his or her capacity as a director, employee,
or agent of the credit union, upon notice from the credit union or
the commissioner that the credit union is unwilling or unable to
continue to act as trustee or custodian.
(b) Shares may be issued in a revocable or irrevocable trust
subject to the following:
(1) When shares are issued in a revocable trust, the settlor shall
be a member of the credit union issuing the shares in his or her own
right. If the trust has joint settlers, who are husband and wife,
then only one settlor need be a member of the credit union.
(2) When shares are issued in an irrevocable trust, the settlor or
the beneficiary shall be a member of this credit union in his or her
own right. For purposes of this section, shares issued pursuant to a
pension plan authorized by this section shall be treated as an
irrevocable trust unless otherwise indicated in rules and regulations
issued by the commissioner.
(3) This subdivision does not apply to trust accounts established
prior to the effective date of this subdivision.
14861. No credit union shall issue shares to anyone not qualified
for membership under its bylaws, except shares issued in coownership
as provided in Section 14851.
14862. The board of directors shall establish from time to time a
written savings capital structure policy which shall set out the
various terms and conditions upon which credit union shares may be
issued, paid for, transferred, and withdrawn. The savings capital
structure policy may provide for different rates, maturities and
minimum share account balances, subject to the rules of the
commissioner for the credit union's savings capital and the terms and
conditions on which dividends may be calculated and paid to member's
purchasing credit union shares. The savings capital structure policy
shall have as its goal avoiding instability in the credit union's
savings capital and thereby providing that credit union members have
an adequate source of funds for loans and receive a fair return on
member savings capital.
14863. (a) A credit union shall not impose any charge on a member
or depositor holding a periodic certificate for funds for the failure
of such member or depositor to invest, or for the late investment
of, any agreed periodic installment investment in such a periodic
certificate for funds. A credit union shall pay interest on periodic
certificates for funds at the same rate of interest per annum as is
paid on certificates for funds as to which a member or depositor has
not agreed to make periodic installment investments.
(b) As used in this section "periodic certificate for funds" means
a certificate for funds under which a member or depositor undertakes
to make periodic investments of a specified amount into one account,
except, however, a periodic certificate for funds shall not mean an
impound account established for the purpose of payment of taxes or
other expenses and obligations in connection with a loan secured by
real property.
14865. Shares issued by a credit union to a member shall be
evidenced in monetary amounts rather than by numbers of shares. The
shares owned by a member also may be referred to as a "share account"
. There shall be no limit to the amount of shares which a credit
union may issue.
14866. The evidence of credit union shares issued shall be a
certificate, a passbook, a statement or other evidence approved by
regulation of the commissioner. The evidence of any credit union
shares shall not constitute an "investment security" under Division 8
(commencing with Section 8101) of the Commercial Code.
14867. (a) Shares, including special shares, and certificates for
funds may be withdrawn for payment to the owner or for any third
party, in the manner and in accordance with written procedures which
shall be established by the board of directors.
(b) The board of directors may waive any requirement of notice of
intent to withdraw or provide that there is no requirement of notice
of intent to withdraw or to transfer funds, except when requirement
of the notice is imposed by applicable law.
(c) Unless otherwise provided by written agreement of the parties,
the rights, responsibilities, and liabilities of a person regarding
an item withdrawn from a credit union, or transferred to a credit
union or otherwise handled by a credit union are defined in and
determined by the provisions of Division 3 (commencing with Section
3101) and Division 4 (commencing with Section 4101) of the Commercial
Code, as if the credit union were a bank.
14868. (a) As used in this section:
(1) "Beneficiary" has the meaning given that term in Section 5126
of the Probate Code.
(2) "Totten trust account" has the meaning given that term in
Section 80 of the Probate Code.
(b) In the case of a Totten trust account, the deposit agreement
shall indicate the current address of each beneficiary.
