Section 4-604 - Trustee under federal retirement acts.
§ 4-604. Trustee under federal retirement acts.
(a) "Federal act" defined.- In this section, "federal act" means:
(1) The federal Self-Employed Individuals Tax Retirement Act of 1962; or
(2) The federal Employee Retirement Income Security Act of 1974.
(b) Trusteeship authorized.- A savings bank may act as trustee of a plan under either federal act, as provided in this section.
(c) Limitations on trusts.- A savings bank may:
(1) Accept a trust under a plan that:
(i) Constitutes a qualified plan under a federal act and the rules and regulations adopted under it; and
(ii) Requires the exclusive investment of trust funds in deposits of a mutual savings institution; and
(2) Continue as trustee of a plan that is determined not to be or ceases to be a qualified plan, if, when the savings bank accepted the trust, the savings bank judged the plan to be a qualified plan.
(d) Duties as trustee.- A savings bank that is acting as trustee of a plan under a federal act:
(1) May integrate the trust funds with its other deposits; and
(2) Shall keep appropriate, detailed records of all transactions in which it engages as trustee.
[An. Code 1957, art. 11, § 41; 1980, ch. 33, § 2.]