N.Y. BNK Law § 382-A — New York Code / Act BNK / Article 10 / Section 382-A
Power to act as trustee under self-employed retirement trust and of individual retirement account; investment in savings account
Status: in_force

§ 382-a. Power to act as trustee under self-employed retirement trust\nand of individual retirement account; investment in savings account. 1.\nSubject to any regulations and restrictions prescribed by the\nsuperintendent of financial services, a savings and loan association\nshall have power to act as trustee under a retirement plan established\npursuant to the provisions of the act of congress entitled\n"Self-employed Individuals Tax Retirement Act of 1962", and provisions\nof law contained therein as amended, provided that the provisions of\nsuch retirement plan require the funds of such trust to be invested\nexclusively in deposits in savings and loan associations and federal\nsavings and loan associations whose principal offices are located in\nthis state. In the event that any such retirement plan, which in the\njudgment of the association, 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 association 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 association 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 association, in respect to deposits made under\nthis subdivision, shall be required to segregate such deposits from\nother deposits of such association, provided, however, that the\nassociation shall keep appropriate records showing in proper detail all\ntransactions engaged in under the authority of this subdivision. As used\nin this subdivision, the term "deposits" shall include shares issued by\nthe association and time deposits held pursuant to section three hundred\nseventy-eight-a of this chapter.\n  2. Subject to any regulations and restrictions prescribed by the\nsuperintendent of financial services, a savings and loan association\nshall have power to act as trustee of an individual retirement account\nestablished pursuant to the provisions of the act of congress entitled\n"Employee Retirement Income Security Act of 1974" provided that the\nprovisions of the written governing instrument creating the trust\nrequire the funds of such trust to be invested exclusively in deposits\nin savings and loan associations and federal savings and loan\nassociations whose principal offices are located in this state. In the\nevent that any such individual retirement account, which in the judgment\nof the association, constituted a qualified individual retirement\naccount under the provisions of said Employee Retirement Income Security\nAct of 1974 and the regulations promulgated thereunder at the time the\ntrust was established and accepted by the association is subsequently\ndetermined not to be such a qualified individual retirement account or\nsubsequently ceases to be such a qualified individual retirement\naccount, in whole or in part, the association may, nevertheless,\ncontinue to act as trustee of any deposits theretofore made under such\nindividual retirement account and to dispose of the same in accordance\nwith the directions of the depositor and the beneficiaries thereof. No\nassociation, in respect to deposits made under this subdivision, shall\nbe required to segregate such deposits from other deposits of such\nassociation, provided, however, that the association shall keep\nappropriate records showing in proper detail all transactions engaged in\nunder the authority of this subdivision. As used in this subdivision,\nthe term "deposits" shall include shares issued by the association and\ntime deposits held pursuant to section three hundred seventy-eight-a of\nthis chapter.\n