N.Y. Banking Law Section 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 § 378-A (Time deposits)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 § 378-A (Time deposits)section three hundred seventy-eight-a of this chapter.

Source: Section 382-A — Power to act as trustee under self-employed retirement trust and of individual retirement account; investment in savings account, https://www.­nysenate.­gov/legislation/laws/BNK/382-A (updated Sep. 22, 2014; accessed May 25, 2024).

375
Incorporation
376
Proposed by-laws
377
When corporate existence begins
378
Power to issue shares
378‑A
Time deposits
378‑B
Club accounts
378‑C
Excelsior linked deposit program
378‑D
Preservation of books and records
378‑E
Water pollution control linked deposit program
379
Power to invest in securities
379‑B
Service corporation owned by associations
380
Power to make loans
380‑A
Power to purchase mortgage, loan or investment
380‑B
Power to purchase mortgages from mortgage holders
380‑C
Power to participate in certain loans and mortgage investments
380‑E
Effect of usury
380‑F
Power to make advances of federal funds
380‑G
Power to engage in line of credit financing of residential real estate
380‑H
Trust powers
380‑I
Personal loan departments
380‑J
Authorization to acquire and lease personal property
380‑K
Investment in promissory notes
380‑L
Excelsior linked deposit program
380‑M
Water pollution control linked deposit program
381
Power to take and hold real estate
382
Power to borrow
382‑A
Power to act as trustee under self-employed retirement trust and of individual retirement account
382‑B
Power to issue certain obligations
383
Other powers
383‑A
Rental of safe deposit boxes
384
Entries in books
385
Surplus account
386
Profits
387
Credits to surplus account and undivided profits
388
Fines and penalties for failure to make payments on instalment shares
389
Matured shares
390
Withdrawal of unpledged shares
392
Retirement of shares
393
Repayment of mortgage loans
394
Joint shares
395
Alternative provisions relative to payment of interest to shareholders
396
Change of location
396‑A
Electronic facilities
396‑B
Acceptance of United States currency
397
Number, qualifications and disqualifications of directors
397‑A
Report to directors
398
Filling of vacancies in board of directors
398‑A
Forfeiture of office of director
398‑B
Duties of directors and officers
398‑C
Executive committee and other committees
399
Restrictions on directors and officers
399‑A
Restrictions on holding of certain offices by executive officers of federal savings banks and federal savings associations
400
Pensions
401
Official communications to be submitted to directors and noted in minutes
402
Amendment of articles of association and by-laws
403
Examination by directors
404
Reports to the superintendent
404‑A
Photographic reproduction of records
405
Annual report to shareholders
406
Charters conformed to this article
407
Exemptions
409
Conversion of a state savings and loan association into a federal savings and loan association
410
Conversion of a federal savings and loan association into a state savings and loan association
411
Conversion of a savings and loan association or federal savings and loan association into a savings bank
412
Conversion of federal savings institutions to state charter
413
Reciprocal interstate acquisitions

Accessed:
May 25, 2024

Last modified:
Sep. 22, 2014

§ 382-A’s source at nysenate​.gov

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