§ 4-604. Trustee under federal retirement acts

   (a) "Federal act" defined. -- In this section, "federal act" means:

   (1) The federal Self-Employed Individuals Tax Retirement Act of 1962; or

   (2) The federal Employee Retirement Income Security Act of 1974.

(b) Trusteeship authorized. -- A savings bank may act as trustee of a plan under either federal act, as provided in this section.

(c) Limitations on trusts. -- A savings bank may:

   (1) Accept a trust under a plan that:

      (i) Constitutes a qualified plan under a federal act and the rules and regulations adopted under it; and

      (ii) Requires the exclusive investment of trust funds in deposits of a mutual savings institution; and

   (2) Continue as trustee of a plan that is determined not to be or ceases to be a qualified plan, if, when the savings bank accepted the trust, the savings bank judged the plan to be a qualified plan.

(d) Duties as trustee. -- A savings bank that is acting as trustee of a plan under a federal act:

   (1) May integrate the trust funds with its other deposits; and

   (2) Shall keep appropriate, detailed records of all transactions in which it engages as trustee.

HISTORY: An. Code 1957, art. 11, § 41; 1980, ch. 33, § 2.