Section 394. Joint shares; shares of minors; shares in trust

3.  When  shares  shall be issued in the name of a minor they shall be
  held for the exclusive right and benefit of such minor and free from the
  control  or  lien  of  all  other  persons  except  creditors,  and  the
  withdrawal  value  thereof shall be paid to the person in whose name the
  shares are held. A receipt or acquittance from such  minor  shall  be  a
  valid  and  sufficient  release and discharge to the association for all
  payments made on account of such shares. When shares have been issued to
  a parent, guardian or voluntary trustee for a minor the association  may
  permit the transfer of such shares to the minor by such parent, guardian
  or  trustee  and  in  the event of the death of such parent, guardian or
  trustee the association may  transfer  and  hold  such  shares  for  the
  exclusive  right  and  benefit  of  such  minor,  upon  presentation  of
  satisfactory evidence of such  death  and  upon  the  surrender  of  the
  certificate,  passbook or other proper evidence of the ownership of such
  shares.
    4. No association shall be liable to beneficiaries for moneys paid  to
  their  guardians  or  trustees, unless written notice of limitation upon
  the right of such guardians or trustees to withdraw such funds has  been
  previously  filed  with  the  association. The receipt or acquittance of
  such guardians or trustees shall be a valid and sufficient  release  and
  discharge  to the association for all payments made prior to the receipt
  of written notice of such limitation.