(1) A credit union may allow a member holding a regular share or deposit account to use that account as a share draft account as provided in this section, subject to conditions established by the board of directors.

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(2) As used in this section:

(a) ‘Share draft’ means a negotiable or nonnegotiable draft used to withdraw shares or deposits from a share draft account.

(b) ‘Share draft account’ means any regular share account or deposit account from which the credit union allows shares or deposits to be withdrawn by means of a share draft or other order.

(3) The terms ‘share draft’ and ‘share draft account’ may encompass accounts whether the underlying account is a share account or a deposit account, without changing the type of account. [1981 c.290 § 2; 1983 c.37 § 36c; 1999 c.185 § 40]

[1975 c.652 § 49; renumbered 723.454]

[Repealed by 1975 c.652 § 88]

[1985 c.804 § 6; repealed by 1987 c.491 § 9]

[1975 c.652 § 50; 1981 c.257 § 1; renumbered 723.457]

[1987 c.491 § 8; repealed by 1997 c.832 § 10]

[1975 c.652 § 51; renumbered 723.460]