§ 6.1-225.46. Individual retirement accounts, etc
A credit union may act as trustee or custodian of (i) individual retirement accounts established with the credit union for the benefit of its members under the Federal Employee Retirement Security Act of 1974, as amended from time to time; (ii) pension funds of self-employed individuals or of a company or organization sponsoring the credit union; or (iii) other similar retirement or pension plans. Contributions thereto and earnings thereon may be accepted and retained in accordance with that act but shall be invested in shares of the credit union. If the credit union bylaws so provide such accounts may be established for the benefit of members in the names of other trustees or custodians who are qualified to serve as such under the laws of this Commonwealth and that act.
(1976, c. 205, § 6.1-207.1; 1990, c. 373.)
Sections: Previous 6.1-225.39 6.1-225.40 6.1-225.41 6.1-225.42 6.1-225.43 6.1-225.44 6.1-225.45 6.1-225.46 6.1-225.47 6.1-225.48 6.1-225.49 6.1-225.50 6.1-225.50:1 6.1-225.50:2 6.1-225.51 NextLast modified: April 2, 2009