Whenever shares of a Federal credit union existing under the Act of Congress approved June 26, 1934, c. 750, 48 Stat. 1216, its amendments and supplements, known as the Federal Credit Union Act,¹ shall be issued in the names of two or more persons as joint tenants with right of survivorship and one or more of such persons is a minor, and such shares shall have been subscribed for under an arrangement with the Federal credit union whereby the dividends or earnings thereon, or the withdrawal value thereof, may be paid upon receipt, acquittance or other action, as the case may be, of either or any of such persons, the Federal credit union may pay such dividends or earnings or withdrawal value upon such receipt, acquittance, or other action, as the case may be, of either or any of such minors who shall be not less than sixteen years of age, pursuant to the arrangement provided for in this section, notwithstanding the fact that one or more of the other persons may be dead and the Federal credit union has notice thereof; and such receipt, acquittance or other action shall be binding upon such minor with like effect as if such minor were of full age and shall be a valid release to the Federal credit union.