(1) Shares, share certificates, deposits, and deposit certificates may be held in the name of a member in trust for a beneficiary, or in the name of a nonmember in trust for a beneficiary who is a member.
(2) Beneficiaries may be under eighteen (18) years of age; but no beneficiary, unless a member in his own right, shall be permitted to vote, obtain loans, hold office or be required to pay an entrance or membership fee.
(3) Payment of part or all of such a trust account to the party in whose name the account is held shall, to the extent of such payment, discharge the liability of the credit union to that party and to the beneficiary, and the credit union shall be under no obligation to see to the application of such payment.