Section 34.1. Definitions

The following words and terms, when used in this chapter have the following meanings, unless the context clearly indicates otherwise:

Association—A savings association subject to the Code.

Code—The Savings Association Code of 1967 (7 P. S. § § 6020-1—6020-254).

NOW Account—A savings account from which the owner may make withdrawals by negotiable or transferable instruments for the purpose of making transfer to third parties.

NOW Account agreement—The agreement between the association and the owner of the account setting forth all terms and conditions applicable to the operation of a NOW Account. Such agreement shall constitute a savings account contract under section 803 of the Code (7 P. S. § 6020-113).