law: Co-Operative Societies Act 2008 
  201.
  
  Credit union and trusts
  1.      A credit union is not
  
  bound to see to the execution of any trust, whether express, implied or
  
  constructive, pursuant to which any deposit or share is subject.
  2.      Where any deposit or
  
  share is subject to a trust of which the credit union has notice, the receipt
  
  or order—
  a.     
  
    of
  
  the trustee in whose name the deposit or share stands; or
  b.    
  
    if
  
  the deposit or share stands in the names of 2 or more trustees, all those
  
  trustees or any of them who, pursuant to the document creating the trust, may
  
  be entitled to receive the deposit or share, is, notwithstanding any trust to
  
  which the deposit or share is subject, a sufficient discharge for the payment
  
  of any money payable in respect of the deposit or share, and the credit union
  
  is not bound to see to the application of any money paid on the receipt or
  
  order.
  1.      
  2.      
  3.      Notwithstanding any
  
  neglect or omission on the part of a credit union to enter a proper description
  
  in its books, no execution, administrator, guardian, committee or trustee who
  
  is entered on the books of the credit union as a member, or who is described as
  
  representing a named estate, trust or trust beneficiary in such capacity is
  
  personally liable to the credit union with respect to the share that he
  
  represents.
  4.      The estate or trust
  
  beneficiary represented by a person described in subsection (3) continues to be
  
  liable to the credit union in the same manner and to the same extent as if the
  
  testator, minor, ward, person of unsound mind, beneficial trust or other trust
  
  beneficiary were entered on the records of the credit union as the holder of
  
  the shares.