N.Y. Banking Law § 96-c: Power to act as trustee under self-employed retirement trust or individual retirement trust

§ 96-c. Power to act as trustee under self-employed retirement trust

or individual retirement trust. Every bank without fiduciary powers may,

subject to any regulations and restrictions prescribed by the

superintendent of financial services, 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" 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

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

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 bank,

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

bank 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 bank 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 bank, in respect to deposits made under this section, shall

be required to segregate such deposits from other deposits of such bank,

provided, however, that the bank shall keep appropriate records showing

in proper detail all transactions engaged in under the authority of this

section.