§ 6.1-194.54. Accounts under Federal Self-Employed Individuals Tax Retirement Act and Federal Employee Retiremen...
A. To the extent allowed by federal law, an insured savings institution may act as trustee or custodian within the contemplation of the Federal Self-Employed Individuals Tax Retirement Act of 1962, as amended. Funds held as such trustee or custodian may be invested in accounts of the association to the extent that the trust, custodial or other plan does not prohibit such investment.
B. To the extent allowed by federal law, an insured savings institution may act as trustee or custodian of individual retirement accounts under the Federal Employee Retirement Security Act of 1974, as amended. Contributions may be accepted and interest thereon retained by such institution pursuant to forms provided by it and may be invested in accounts of the institution in accordance with the terms upon which such contributions were accepted.
(Code 1950, §§ 6.1-195.49, 6.1-195.49:1; 1972, c. 796; 1975, c. 79; 1985, c. 425; 1986, c. 509.)
Sections: Previous 6.1-194.47 6.1-194.48 6.1-194.49 6.1-194.50 6.1-194.51 6.1-194.52 6.1-194.53 6.1-194.54 6.1-194.55 6.1-194.56 6.1-194.57 6.1-194.58 6.1-194.59 6.1-194.60 6.1-194.61 NextLast modified: April 2, 2009