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account means any regular share account or deposit account from which the credit union allows shares or deposits to be withdrawn by means of a share draft or other order.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