2005 Vermont Code - § 2074. — Joint accounts

§ 2074. Joint accounts

A member may designate any person or persons to hold shares, deposits, and special accounts with him in joint tenancy with the right of survivorship, but no joint tenant, unless a member in his own right, may be permitted to vote, obtain loans, or hold office or be required to pay an entrance fee. Payment of part or all of those accounts to any of the joint tenants shall, to the extent of the payment, discharge the liability to all. Proceeds of life insurance covering shares or deposits shall be payable to the surviving joint tenants. A joint owner of an account may enroll in the credit union and retain the account at the decease of the owner if the joint owner was eligible to join the credit union prior to the death of the owner. (Added 1967, No. 312 (Adj. Sess.), § 1, eff. March 22, 1968; amended 1977, No. 76, § 3.)