A credit union may issue shares in a revocable or irrevocable trust, subject to the following:

1. (1) If shares are issued in a revocable trust, at least one (1) of the settlors must be a member of the credit union in the settlor's own right.

2. (2) If shares are issued in an irrevocable trust, at least one (1):

   1. (A) settlor; or

   2. (B) beneficiary;

      must be a member of the credit union in the settlor's or the beneficiary's own right.

3. (3) The name of each beneficiary must be listed for the trust, whether the trust is revocable or irrevocable.

As added by P.L.89-2011, SEC.48.