This text of New York § 202-J (Power to act as trustee under self-employed retirement trust or individual retirement trust) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
§ 202-j. Power to act as trustee under self-employed retirement trust\nor individual retirement trust. Each such foreign banking corporation\nwhich is authorized to maintain a branch or branches in this state the\ndeposits of which are insured by the federal deposit insurance\ncorporation or any successor may, subject to any regulations prescribed\nby the superintendent of financial services, act through any such branch\nas trustee under a retirement plan established pursuant to the\nprovisions of the act of congress entitled "Self-employed Individuals\nTax Retirement Act of 1962" as such provisions may be amended from time\nto time, and under an individual retirement account plan established\npursuant to the amendments to the provisions of the Internal Revenue\nCode contained in the act
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§ 202-j. Power to act as trustee under self-employed retirement trust\nor individual retirement trust. Each such foreign banking corporation\nwhich is authorized to maintain a branch or branches in this state the\ndeposits of which are insured by the federal deposit insurance\ncorporation or any successor may, subject to any regulations prescribed\nby the superintendent of financial services, act through any such branch\nas trustee under a retirement plan established pursuant to the\nprovisions of the act of congress entitled "Self-employed Individuals\nTax Retirement Act of 1962" as such provisions may be amended from time\nto time, and under an individual retirement account plan established\npursuant to the amendments to the provisions of the Internal Revenue\nCode contained in the act of congress entitled "Employee Retirement\nIncome Security Act of 1974" as such provisions may be amended from time\nto time, provided that the provisions of such retirement or individual\nretirement account plan require the funds of such trust to be invested\nexclusively in deposits of branches of foreign banking corporations\nlocated in this state the deposits of which are insured by the federal\ndeposit insurance corporation or any successor and in deposits of banks,\ntrust companies, savings banks, savings and loan associations, federal\nmutual savings or federal savings banks or federal savings and loan\nassociations whose principal offices are located in this state. In the\nevent that any such retirement or individual retirement account plan,\nwhich in the judgment of the foreign banking corporation constituted a\nqualified plan under the provisions of the applicable act of congress\nhereinabove mentioned and the regulations promulgated thereunder at the\ntime the trust was established and accepted by the foreign banking\ncorporation is subsequently determined not to be such a qualified plan\nor subsequently ceases to be such a qualified plan, in whole or in part,\nthe foreign banking corporation may, nevertheless, continue to act as\ntrustee of any deposits theretofore made under such plan and to dispose\nof the same in accordance with the directions of the depositor and the\nbeneficiaries thereof. No foreign banking corporation, in respect to\ndeposits made under this section, shall be required to segregate such\ndeposits from other deposits of such foreign banking corporation,\nprovided, however, that the foreign banking corporation shall keep\nappropriate records showing in proper detail all transactions engaged in\nunder the authority of this section.\n