CHAPTER 20

An Act to amend and reenact § 6-183 of the Code of Virginia, relating to
shares issued in trust for another; payment to a minor by omitting
the age limitation as to said minor; and by making said section applic-
able to federal savings and loan associations. (H 45]

Approved February 11, 1958

Be it enacted by the General Assembly of Virginia:

a That § 6-188 of the Code of Virginia be amended and reenacted as
ollows:

§ 6-183. When any shares in any such association have heretofore
been issued or are hereafter issued to any person in trust for another, and
no other or further notice of the existence and terms of the trust have
been given by act of the trustee alone, in the event of the death of the
trustee the amount due on the shares, or any part, together with the profits,
earnings or interest thereon, shall be the sole property of the person for
whose benefit the shares were issued, and may be paid to such person if of
the age of eighteen years and upwards, or to the guardian of such person
if under the age of eighteen years; and any amount due on shares held by
a minor * shall be held for the exclusive right and benefit of such minor,
free from the control of all persons whomsoever, except creditors, and shall
be paid with earnings, if any be due thereon, to the person in whose name
the shares shall have been issued, and the receipt of or acceptance by such
infant or minor shall be a valid and sufficient release and discharge to such
association for any amount so paid. The provisions of this section shall
apply equally to all federal savings and loan associations lawfully en-
gaged in business in this State.