Section 4-604 - Trustee under federal retirement acts. - Maryland Statutes

§ 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. 
 

[An. Code 1957, art. 11, § 41; 1980, ch. 33, § 2.]