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This entry was published on 2014-09-22
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SECTION 202-J
Power to act as trustee under self-employed retirement trust or individual retirement trust
Banking (BNK) CHAPTER 2, ARTICLE 5
§ 202-j. Power to act as trustee under self-employed retirement trust
or individual retirement trust. Each such foreign banking corporation
which is authorized to maintain a branch or branches in this state the
deposits of which are insured by the federal deposit insurance
corporation or any successor may, subject to any regulations prescribed
by the superintendent of financial services, act through any such branch
as trustee under a retirement plan established pursuant to the
provisions of the act of congress entitled "Self-employed Individuals
Tax Retirement Act of 1962" as such provisions may be amended from time
to time, and under an individual retirement account plan established
pursuant to the amendments to the provisions of the Internal Revenue
Code contained in the act of congress entitled "Employee Retirement
Income Security Act of 1974" as such provisions may be amended from time
to time, provided that the provisions of such retirement or individual
retirement account plan require the funds of such trust to be invested
exclusively in deposits of branches of foreign banking corporations
located in this state the deposits of which are insured by the federal
deposit insurance corporation or any successor and in deposits of banks,
trust companies, savings banks, savings and loan associations, federal
mutual savings or federal savings banks or federal savings and loan
associations whose principal offices are located in this state. In the
event that any such retirement or individual retirement account plan,
which in the judgment of the foreign banking corporation constituted a
qualified plan under the provisions of the applicable act of congress
hereinabove mentioned and the regulations promulgated thereunder at the
time the trust was established and accepted by the foreign banking
corporation is subsequently determined not to be such a qualified plan
or subsequently ceases to be such a qualified plan, in whole or in part,
the foreign banking corporation may, nevertheless, continue to act as
trustee of any deposits theretofore made under such plan and to dispose
of the same in accordance with the directions of the depositor and the
beneficiaries thereof. No foreign banking corporation, in respect to
deposits made under this section, shall be required to segregate such
deposits from other deposits of such foreign banking corporation,
provided, however, that the foreign banking corporation shall keep
appropriate records showing in proper detail all transactions engaged in
under the authority of this section.