(205 ILCS 115/2) (from Ch. 17, par. 3602)
Sec. 2.
Any savings and loan or Federal savings and loan association may
issue shares, share accounts or accounts 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 such shares, share accounts or
accounts whether the other person or persons named in such shares, share
accounts or accounts be living or not. Such a joint account shall create a
single membership in any such association. The repurchase or redemption or
withdrawal value of shares, share accounts or accounts issued in joint
names, and dividends thereon, or other rights relating thereto, may be paid
or delivered, in whole or in part, to any of such persons, whether the
other person or persons be living or not. The payment or delivery to any
such person, or a receipt or acquittance signed by any such person, to whom
any such payment or any such delivery of rights is made, shall be a valid
and sufficient release and discharge of any such association for the
payment or delivery so made.
(Source: Laws 1939, p. 478.)
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