ยง 96-c. Power to act as trustee under self-employed retirement trust
or individual retirement trust. Every bank without fiduciary powers may,
subject to any regulations and restrictions prescribed by the
superintendent of financial services, 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 such
provisions may be amended from time to time, and under an individual
retirement account plan established pursuant to the amendments to the
provisions of the Internal Revenue Code contained in the act of congress
entitled "Employee Retirement Income Security Act of 1974" as such
provisions may be amended from time to time, provided that the
provisions of such retirement or individual retirement account plan
require the funds of such trust to be invested exclusively in deposits
in banks, trust companies, savings banks, savings and loan associations
or federal savings and loan associations whose principal offices are
located in this state. In the event that any such retirement or
individual retirement account plan, which in the judgment of the bank,
constituted a qualified plan under the provisions of the applicable act
of congress hereinabove mentioned and the regulations promulgated
thereunder at the time the trust was established and accepted by the
bank 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 bank 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 bank, in respect to deposits made under this section, shall
be required to segregate such deposits from other deposits of such bank,
provided, however, that the bank shall keep appropriate records showing
in proper detail all transactions engaged in under the authority of this
section.
Structure New York Laws
Article 3 - Banks and Trust Companies
94 - Change From Bank to Trust Company; From Trust Company to Bank.
96-A - Servicing of Mortgages by Banks.
96-B - Payroll Payment by Banks or Trust Companies.
96-C - Power to Act as Trustee Under Self-Employed Retirement Trust or Individual Retirement Trust.
96-D - Banking Development Districts.
97 - Power to Purchase Securities and Stocks.
98 - Power to Take and Hold Real Estate; Restrictions.
100-A - Fiduciary Capacities; Appointment by Court Authorized; Bond; Oath; Accounting.
100-B - Investments as Fiduciary; When Interest Is to Be Paid; Preference.
100-D - Foreign Common Trust Funds.
101 - Additional Powers of Certain Trust Companies.
102 - Powers of Specially Chartered Trust Companies.
102-A - Limited Liability Trust Companies.
104 - Entries in Books; Restrictions; Amortization of Securities.
105 - Branch Offices; Prohibition Against Doing Business at Unauthorized Places.
105-A - Electronic Facilities.
107 - Reserves Against Deposits.
107-A - Security for Public Deposits.
108 - Rates of Interest; Installment Obligations; Personal Loan Departments.
108-A - Acceptance of United States Currency.
109 - Closing of Books; Profits; How to Be Computed.
110 - Surplus Fund; of What Composed, and for What Purposes Used.
111 - Profits; Credits to Surplus Fund and to Undivided Profits.
112 - Dividends; Payable From Net Profits; Restrictions.
113 - Change of Location; Change of Designation of Principal Office.
114 - Assessment of Stockholders to Make Good Impairment of Capital Stock; Sale of Stock.
122 - Examinations of Banks and Trust Companies by Directors; Employment of Assistants.
123 - Reports of Directors' Examinations.
125 - Reports to Superintendent; Penalty for Failure to Make.
128 - Preservation of Books and Records.
129 - Requirement of Notice on Withdrawal of Certain Time Deposits; Notice to Superintendent.
129-A - Requirement of Written Notification; Alternative Payment Schedules.
130 - Restrictions on Officers, Directors and Employees.
131 - Prohibitions Against Encroachments Upon Certain Powers of Banks and Trust Companies.
132 - Use of Sign, or Words, Indicating Bank or Trust Company by Unauthorized Persons Prohibited.
133 - Use of Banking Institution Name.
136 - Change of National Banking Association Into State Bank by Conversion or Merger.
136-A - Purchase of Assets of National Banking Association by Bank or Trust Company.
136-B - Approval of Superintendent.
136-C - Effect of Merger or Conversion of National Banking Association Into State Bank.
137 - Change of State Bank Into National Banking Association by Conversion, Merger or Consolidation.
138 - Foreign Branches; Performance of Contracts and Repayment of Deposits.