17-5804.   Joint shares; powers of joint tenants; share loans, effect.An association may issue membership certificates in the joint names oftwo or more persons or their survivor, in which event any of such personsshall have power to act in all matters related to the membership, whetherthe other person or persons named in such membership certificate be livingor not.

      Share loans may be made to one of the joint tenants in the same manneras provided for other types of accounts and such loans shall not terminatethe joint account. Such joint shares shall create a single membership in anassociation and shall be evidenced by a signature card containing the namesof 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 ofsurvivorship and not as tenants in common" or by a similar provision whichclearly provides for a joint tenancy relationship. Said card shall bear thesignature of at least one of the joint tenants.

      History:   L. 1943, ch. 133, § 207; L. 1957, ch. 159, § 1; June 29.