(a) Each holder of a savings account must execute a savings contract. The contract must specify:
(1) any special terms applicable to the account; and
(2) the conditions on which withdrawals may be made.
(b) The association shall hold a savings contract in the records pertaining to the account.
(c) A savings contract pertaining to a savings account of a public or governmental entity must provide that the holder of the account may not become a member of the association.