Iowa § 533.309 Share accounts

Iowa Statutes

§ 533.309 — Share accounts

Iowa § 533.309

Title XIIICOMMERCE

Ch. 533CREDIT UNIONS

This text of Iowa § 533.309 (Share accounts) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Iowa Code § 533.309 (2026).

Text

A state credit union may have share accounts including but not limited to the following types:

1.Ownership share account. The ownership share account shall consist of an account balance held by the state credit union in accordance with the state credit union’s bylaws. Each member may acquire only one ownership share. In the case of a joint account, the joint account owners may acquire only one ownership share unless each joint account owner applies for and is accepted as an individual member.

2.Joint accounts. A member may designate any person or persons to hold shares, deposits, and thrift club accounts with the member in joint tenancy with the right of survivorship, but such joint tenants shall not be permitted to cast more than one vote per ownership share jointly held in the state cr

Free access — add to your briefcase to read the full text and ask questions with AI

A state credit union may have share accounts including but not limited to the following
types:
1. Ownership share account. The ownership share account shall consist of an account
balance held by the state credit union in accordance with the state credit union’s bylaws.
Each member may acquire only one ownership share. In the case of a joint account, the
joint account owners may acquire only one ownership share unless each joint account owner
applies for and is accepted as an individual member.
2. Joint accounts. A member may designate any person or persons to hold shares,
deposits, and thrift club accounts with the member in joint tenancy with the right of
survivorship, but such joint tenants shall not be permitted to cast more than one vote per
ownership share jointly held in the state credit union. However, a joint tenant may have
other rights of a jointly held ownership share, including the ability to obtain loans, or hold
office or be required to pay an entrance fee. Payment of part or all of such joint accounts to
any of the joint tenants shall, to the extent of such payment, discharge the liability to all.
3. Account for minors. Shares may be issued and deposits accepted in the name of a
minor. Suchsharesanddepositsmaybewithdrawnbytheminorandpaymentsmadeonsuch
withdrawals shall be valid. A minor under sixteen years of age shall not be entitled to vote in

themeetingsofthememberseitherpersonallyorthroughtheminor’sparentorguardian,and
a minor shall not become a director until the minor reaches the minor’s eighteenth birthday.
4. Beneficiary account. If a member makes a deposit for the benefit of a person other
than the depositor, the name and residence address of the beneficiary shall be disclosed and
the account shall be kept in the name of the depositor, for the benefit of the beneficiary. The
account balance may be withdrawn by the depositor or, upon the death of the depositor, by
the beneficiary or the beneficiary’s legal representative.