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C-4.1 - Savings and Credit Unions Act

Section 242
Disposition versions

Full text
242. A credit union is not bound to see to the execution of any trust to which a deposit is subject.
Notwithstanding the foregoing, if the credit union is notified of the existence of a trust to which a deposit standing in the names of two or more persons is subject, the only valid discharge is the receipt or cheque of all such persons or of those among them who, under the deed or act creating the trust, may be entitled to receive the sums payable in respect of the deposit.
1988, c. 64, s. 242.
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