§ 96-c. Power to act as trustee under self-employed retirement trust\nor individual retirement trust. Every bank without fiduciary powers may,\nsubject to any regulations and restrictions prescribed by the\nsuperintendent of financial services, act as trustee under a retirement\nplan established pursuant to the provisions of the act of congress\nentitled "Self-employed Individuals Tax Retirement Act of 1962" as such\nprovisions may be amended from time to time, and under an individual\nretirement account plan established pursuant to the amendments to the\nprovisions of the Internal Revenue Code contained in the act of congress\nentitled "Employee Retirement Income Security Act of 1974" as such\nprovisions may be amended from time to time, provided that the\nprovisions of such retirement
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§ 96-c. Power to act as trustee under self-employed retirement trust\nor individual retirement trust. Every bank without fiduciary powers may,\nsubject to any regulations and restrictions prescribed by the\nsuperintendent of financial services, act as trustee under a retirement\nplan established pursuant to the provisions of the act of congress\nentitled "Self-employed Individuals Tax Retirement Act of 1962" as such\nprovisions may be amended from time to time, and under an individual\nretirement account plan established pursuant to the amendments to the\nprovisions of the Internal Revenue Code contained in the act of congress\nentitled "Employee Retirement Income Security Act of 1974" as such\nprovisions may be amended from time to time, provided that the\nprovisions of such retirement or individual retirement account plan\nrequire the funds of such trust to be invested exclusively in deposits\nin banks, trust companies, savings banks, savings and loan associations\nor federal savings and loan associations whose principal offices are\nlocated in this state. In the event that any such retirement or\nindividual retirement account plan, which in the judgment of the bank,\nconstituted a qualified plan under the provisions of the applicable act\nof congress hereinabove mentioned and the regulations promulgated\nthereunder at the time the trust was established and accepted by the\nbank is subsequently determined not to be such a qualified plan or\nsubsequently ceases to be such a qualified plan, in whole or in part,\nthe bank may, nevertheless, continue to act as trustee of any deposits\ntheretofore made under such plan and to dispose of the same in\naccordance with the directions of the depositor and the beneficiaries\nthereof. No bank, in respect to deposits made under this section, shall\nbe required to segregate such deposits from other deposits of such bank,\nprovided, however, that the bank shall keep appropriate records showing\nin proper detail all transactions engaged in under the authority of this\nsection.\n