Trustees and Guardians

(a)Every association shall have power to issue shares and investment certificates to one or more persons or corporations as trustee or guardian for another or for others. The association shall not be liable to beneficiaries or wards for moneys paid to their trustees or guardians on account of such shares or certificates.

(b)Whenever a person holding shares or investment certificates in either such capacity dies and no notice of the terms, revocation or termination of the trust or guardianship shall have been given in writing to the association, the withdrawal or other value of the shares or investment certificates or any part thereof may be paid to the beneficiary or ward; and if no beneficiary or ward has been designated in writing to the association, the withdrawal or other value or any part thereof may be paid to the trustee’s or guardian’s executor or administrator.

(c)Payment as aforesaid by any association shall be a valid and sufficient release and discharge to such association for such payment, whether or not such payment is made to a minor.