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This entry was published on 2014-09-22
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SECTION 96-C
Power to act as trustee under self-employed retirement trust or individual retirement trust
Banking (BNK) CHAPTER 2, ARTICLE 3
§ 96-c. Power to act as trustee under self-employed retirement trust
or individual retirement trust. Every bank without fiduciary powers may,
subject to any regulations and restrictions prescribed by the
superintendent of financial services, act 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
in banks, trust companies, savings banks, savings and loan associations
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 bank,
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
bank 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 bank 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 bank, in respect to deposits made under this section, shall
be required to segregate such deposits from other deposits of such bank,
provided, however, that the bank shall keep appropriate records showing
in proper detail all transactions engaged in under the authority of this
section.