17-5804. Joint shares; powers of joint tenants; share loans, effect.
17-5804
17-5804. Joint shares; powers of joint tenants; share loans, effect.
An association may issue membership certificates in the joint names of
two or more persons or their survivor, in which event any of such persons
shall have power to act in all matters related to the membership, whether
the other person or persons named in such membership certificate be living
or not.
Share loans may be made to one of the joint tenants in the same manner
as provided for other types of accounts and such loans shall not terminate
the joint account. Such joint shares shall create a single membership in an
association and shall be evidenced by a signature card containing the names
of the co-owners of the account joined by the word "and" or by the word
"or" and followed by the phrase "as joint tenants with the rights of
survivorship and not as tenants in common" or by a similar provision which
clearly provides for a joint tenancy relationship. Said card shall bear the
signature of at least one of the joint tenants.
History: L. 1943, ch. 133, § 207; L. 1957, ch. 159, § 1; June 29.