New York Laws
Article 10 - Savings and Loan Associations
382-A - Power to Act as Trustee Under Self-Employed Retirement Trust and of Individual Retirement Account; Investment in Savings Account.

§ 382-a. Power to act as trustee under self-employed retirement trust
and of individual retirement account; investment in savings account. 1.
Subject to any regulations and restrictions prescribed by the
superintendent of financial services, a savings and loan association
shall have 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", and provisions
of law contained therein as amended, provided that the provisions of
such retirement plan require the funds of such trust to be invested
exclusively in deposits in savings and loan associations and federal
savings and loan associations whose principal offices are located in
this state. In the event that any such retirement plan, which in the
judgment of the association, constituted a qualified plan under the
provisions of said Self-employed Individuals Tax Retirement Act of 1962,
and provisions of law contained therein as amended, 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 or subsequently ceases to be such a qualified plan, in
whole or in part, the association may, nevertheless, continue to act as
trustee of any deposits theretofore made under such plan and to dispose
of the same in accordance with the directions of the depositor and the
beneficiaries thereof. No association, in respect to deposits made under
this subdivision, shall be required to segregate such deposits from
other deposits of such association, provided, however, that the
association shall keep appropriate records showing in proper detail all
transactions engaged in under the authority of this subdivision. As used
in this subdivision, the term "deposits" shall include shares issued by
the association and time deposits held pursuant to section three hundred
seventy-eight-a of this chapter.

2. Subject to any regulations and restrictions prescribed by the
superintendent of financial services, a savings and loan association
shall have power to act as trustee of an individual retirement account
established pursuant to the provisions of the act of congress entitled
"Employee Retirement Income Security Act of 1974" provided that the
provisions of the written governing instrument creating the trust
require the funds of such trust to be invested exclusively in deposits
in savings and loan associations and federal savings and loan
associations whose principal offices are located in this state. In the
event that any such individual retirement account, which in the judgment
of the association, constituted a qualified individual retirement
account under the provisions of said Employee Retirement Income Security
Act of 1974 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 individual retirement account or
subsequently ceases to be such a qualified individual retirement
account, in whole or in part, the association may, nevertheless,
continue to act as trustee of any deposits theretofore made under such
individual retirement account and to dispose of the same in accordance
with the directions of the depositor and the beneficiaries thereof. No
association, in respect to deposits made under this subdivision, shall
be required to segregate such deposits from other deposits of such
association, provided, however, that the association shall keep
appropriate records showing in proper detail all transactions engaged in
under the authority of this subdivision. As used in this subdivision,
the term "deposits" shall include shares issued by the association and
time deposits held pursuant to section three hundred seventy-eight-a of
this chapter.

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