Illinois General Assembly - Illinois Compiled Statutes

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205 ILCS 305/40

(205 ILCS 305/40) (from Ch. 17, par. 4441)

Sec. 40. Shares to minors.

  Shares may be issued in the name of a minor
or in the name of a custodian under the Illinois Uniform Transfers to Minors
Act, as amended.  If shares are issued in the name of a minor, redemption
of any part or all of the shares by payment to the minor or upon order of the
minor of the amount of
the shares and any declared dividends releases the credit union from all
obligations to the minor as to the shares redeemed.  Further, if shares
are issued in the name of a minor, the minor shall be considered as being
of the age of majority and having contractual capacity.

(Source: P.A. 97-133, eff. 1-1-12.)