Section 393:61 Trustee Powers.
Any building and loan association, cooperative bank or savings and loan association shall have the power to act as trustee under a retirement plan established pursuant to the provisions of the act of Congress entitled ""Self-Employed Individuals Tax Retirement Act of 1962'' as amended by the ""Employee Retirement Income Security Act of 1974,'' and as said act may be further amended from time to time, provided that the provisions of such retirement plan permit, although they need not limit, the investment of the funds of such trust in deposits in such associations. In the event that any such retirement plan which, in the judgment of an association, constituted a qualified plan under the provisions of said ""Self-Employed Individuals Tax Retirement Act of 1962'' as amended by the ""Employee Retirement Income Security Act of 1974,'' and as said act may be further amended from time to time, and the regulations promulgated thereunder at the time the trust was established and accepted by the association, is subsequently determined not to be such a qualified plan, in whole or in part, the association may, nevertheless, continue to act as trustee of any funds theretofore delivered to it under such plan and to dispose of the same in accordance with the directions of the grantor and the beneficiaries thereof. No association, in respect of funds of which it is trustee under this section, shall be required to segregate such funds for purposes of investment, unless the trust instrument so provides; but an association shall keep appropriate records for each trust showing in proper detail all transactions engaged in under the authority of this section.
Source. 1971, 385:1. 1975, 91:2, eff. June 21, 1975.