§ 237 — Deposits with savings banks; restrictions

§ 237. Deposits with savings banks; restrictions. 1. No savings bank\nshall accept any deposit for credit to any executor, administrator,\ntrustee, committee, conservator or guardian, named in a will or\nappointed by a court of competent jurisdiction, unless a certified copy\nof the will, order or decree of the court authorizing such deposits or\nappointing such executor, administrator, trustee, committee, conservator\nor guardian, or a certificate of such appointment is filed with the\nsavings bank.\n 2. No savings bank shall accept any deposit for credit to any\nmunicipal corporation.\n 3. A savings bank may limit the aggregate amount which it will receive\non deposit; may, in its discretion, refuse to accept a deposit; and may\nat any time return all or any part of any deposit other than a deposit\nheld pursuant to subdivision one-a of section two hundred thirty-four of\nthis chapter.\n 4. Notwithstanding any inconsistent provision of law, a savings bank\nmay accept deposits of moneys paid under and as security for the\nperformance of any lease or leases, or to be applied to payments under\nsuch lease or leases when due, although the person depositing such\nmoneys is held accountable therefor as a trustee of trust funds. Moneys\nreceived from or held for persons under more than one lease may be\ndeposited in one or more accounts.\n Notwithstanding any inconsistent provision of law, the word "person"\nas used in this subdivision four shall include an individual, municipal\ncorporation, partnership, corporation, association or any other\norganization operated for profit.\n 5. Nothing contained in this section shall require a savings bank to\nreturn any deposit lawfully held by it at the time this act takes\neffect.\n 6. Nothing contained in this section or in this chapter shall be\nconstrued to prevent a savings bank from accepting a deposit or deposits\nin any amount in any account in the name of or to the credit of any bona\nfide charitable or religious association, corporation or organization.\n 7. Subject to any regulations and restrictions prescribed by the\nsuperintendent of financial services, a savings bank shall have power to\nact as trustee under a retirement plan established pursuant to the\nprovisions of the act of congress entitled "Self-employed Individuals\nTax Retirement Act of 1962", and provisions of law contained therein as\namended, provided that the provisions of such retirement plan require\nthe funds of such trust to be invested exclusively in deposits in\nsavings banks. In the event that any such retirement plan which, in the\njudgment of the savings bank, constituted a qualified plan under the\nprovisions of said Self-employed Individuals Tax Retirement Act of 1962,\nand provisions of law contained therein as amended, and the regulations\npromulgated thereunder at the time the trust was established and\naccepted by the savings bank is subsequently determined not to be such a\nqualified plan or subsequently ceases to be such a qualified plan, in\nwhole or in part, the savings bank 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 savings bank, in respect to deposits made\nunder this subdivision, shall be bound by any provision of this chapter\nrestricting or limiting the amount of deposits which a savings bank may\naccept, or be required to segregate such deposits from other deposits of\nsuch savings banks, provided, however, that a savings bank shall keep\nappropriate records showing in proper detail all transactions engaged in\nunder the authority of this subdivision.\n 8. Subject to any regulations and restrictions prescribed by the\nsuperintendent of financial services, a savings bank shall have power to\nact as trustee of an individual retirement account established pursuant\nto the provisions of the act of congress entitled "Employee Retirement\nIncome Security Act of 1974", provided that the provisions of the\nwritten governing instrument creating the trust require the funds of\nsuch trust to be invested exclusively in deposits in savings banks. In\nthe event that any such individual retirement account, which in the\njudgment of the savings bank, constituted a qualified individual\nretirement account under the provisions of said Employee Retirement\nIncome Security Act of 1974 and the regulations promulgated thereunder\nat the time the trust was established and accepted by the savings bank\nis subsequently determined not to be such a qualified individual\nretirement account or subsequently ceases to be such a qualified\nindividual retirement account, in whole or in part, the savings bank\nmay, nevertheless, continue to act as trustee of any deposits\ntheretofore made under such individual retirement account and to dispose\nof the same in accordance with the directions of the depositor and the\nbeneficiaries thereof. No savings bank, in respect to deposits made\nunder this subdivision, shall be bound by any provision of this chapter\nrestricting or limiting the amount of deposits which a savings bank may\naccept, or be required to segregate such deposits from other deposits of\nsuch savings banks, provided, however, that a savings bank shall keep\nappropriate records showing in proper detail all transactions engaged in\nunder the authority of this subdivision.\n