673.228 - Trustee and custodial powers of association. - Nevada Statutes

673.228  Trustee and custodial powers of association.

      1.  An association may act as a trustee or custodian as provided by the Federal Employee Retirement Security Act of 1974, as amended or supplemented.

      2.  An association subscribing to trustee and custodial power authorized by this section shall be required to segregate all funds held in such fiduciary capacity from the general assets of the association and keep a separate set of books and records showing in proper detail all transactions engaged in under the authority of this section.

      3.  If individual records are kept of each self-employed individual retirement plan, all funds held in such trust or custodial capacity by the association may be commingled for appropriate purposes of investment.

      4.  No funds held in such fiduciary capacity may be used by the association in the conduct of its business, although such funds may be invested in the savings accounts of the institution if the trust or custodial retirement plan does not prohibit the investment.

      (Added to NRS by 1963, 465; A 1977, 492)