Indiana § 28-7-1-20.1 Issuance of shares; joint tenancy; deposits, investments, and
withdrawals by minors

Indiana Statutes

§ 28-7-1-20.1 — Issuance of shares; joint tenancy; deposits, investments, and withdrawals by minors

Indiana § 28-7-1-20.1

Art. 7SPECIALIZED FINANCIAL INSTITUTIONS

Ch. 1Credit Unions

This text of Indiana § 28-7-1-20.1 (Issuance of shares; joint tenancy; deposits, investments, and withdrawals by minors) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 28-7-1-20.1 (2026).

Text

1.

(a)Shares may be issued as the bylaws provide. The provisions of IC 28-1-20-6 apply to loans to any borrower and shall inure to the benefit of the credit union. Shares may be issued in a joint tenancy with right of survivorship, but no joint tenant shall be permitted to vote, obtain loans, or hold office, unless the tenant is a member.

(b)A credit union may issue shares to and receive deposits from a minor. The minor may withdraw the deposits or shares and any dividends or interest on the deposits or shares. A deposit, investment in a share, or withdrawal under this subsection by a minor is valid and enforceable. The minor is considered an adult with respect to the deposit, investment, or withdrawal. As added by Acts 1977, P.L.294, SEC.11. Amended by P.L.263-1995, SEC.18; P.L.35-2010,

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1. (a) Shares may be issued as the bylaws
provide. The provisions of IC 28-1-20-6 apply to loans to any borrower
and shall inure to the benefit of the credit union. Shares may be issued
in a joint tenancy with right of survivorship, but no joint tenant shall be
permitted to vote, obtain loans, or hold office, unless the tenant is a
member.
(b) A credit union may issue shares to and receive deposits from a
minor. The minor may withdraw the deposits or shares and any
dividends or interest on the deposits or shares. A deposit, investment
in a share, or withdrawal under this subsection by a minor is valid and
enforceable. The minor is considered an adult with respect to the
deposit, investment, or withdrawal.
As added by Acts 1977, P.L.294, SEC.11. Amended by
P.L.263-1995, SEC.18; P.L.35-2010, SEC.161.