N.Y. Banking Law § 202-j: Power to act as trustee under self-employed retirement trust or individual retirement trust

§ 202-j. Power to act as trustee under self-employed retirement trust

or individual retirement trust. Each such foreign banking corporation

which is authorized to maintain a branch or branches in this state the

deposits of which are insured by the federal deposit insurance

corporation or any successor may, subject to any regulations prescribed

by the superintendent of financial services, act through any such branch

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 of branches of foreign banking corporations

located in this state the deposits of which are insured by the federal

deposit insurance corporation or any successor and in deposits of banks,

trust companies, savings banks, savings and loan associations, federal

mutual savings or federal savings banks 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 foreign banking corporation 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 foreign banking

corporation 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 foreign banking corporation 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 foreign banking corporation, in respect to

deposits made under this section, shall be required to segregate such

deposits from other deposits of such foreign banking corporation,

provided, however, that the foreign banking corporation shall keep

appropriate records showing in proper detail all transactions engaged in

under the authority of this section.