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Co-Operative Societies Act 2008


201. Credit union and trusts

1.     A credit union is not bound to see to the execution of any trust, whether express, implied or constructive, pursuant to which any deposit or share is subject.

2.     Where any deposit or share is subject to a trust of which the credit union has notice, the receipt or order—

a.     of the trustee in whose name the deposit or share stands; or

b.    if the deposit or share stands in the names of 2 or more trustees, all those trustees or any of them who, pursuant to the document creating the trust, may be entitled to receive the deposit or share, is, notwithstanding any trust to which the deposit or share is subject, a sufficient discharge for the payment of any money payable in respect of the deposit or share, and the credit union is not bound to see to the application of any money paid on the receipt or order.

3.     Notwithstanding any neglect or omission on the part of a credit union to enter a proper description in its books, no execution, administrator, guardian, committee or trustee who is entered on the books of the credit union as a member, or who is described as representing a named estate, trust or trust beneficiary in such capacity is personally liable to the credit union with respect to the share that he represents.

4.     The estate or trust beneficiary represented by a person described in subsection (3) continues to be liable to the credit union in the same manner and to the same extent as if the testator, minor, ward, person of unsound mind, beneficial trust or other trust beneficiary were entered on the records of the credit union as the holder of the shares.



Co-Operative Societies Act 2008 Back




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