6.1-194.54 - (Repealed effective October 1, 2010) Accounts under Federal Self-Employed Individuals Tax Retirement Act and Federal Employee Retirement Security Act of 1974. - Virginia Statutes

§ 6.1-194.54. (Repealed effective October 1, 2010) Accounts under FederalSelf-Employed Individuals Tax Retirement Act and Federal Employee RetirementSecurity Act of 1974.

A. To the extent allowed by federal law, an insured savings institution mayact as trustee or custodian within the contemplation of the FederalSelf-Employed Individuals Tax Retirement Act of 1962, as amended. Funds heldas such trustee or custodian may be invested in accounts of the associationto the extent that the trust, custodial or other plan does not prohibit suchinvestment.

B. To the extent allowed by federal law, an insured savings institution mayact as trustee or custodian of individual retirement accounts under theFederal Employee Retirement Security Act of 1974, as amended. Contributionsmay be accepted and interest thereon retained by such institution pursuant toforms provided by it and may be invested in accounts of the institution inaccordance with the terms upon which such contributions were accepted.

(Code 1950, §§ 6.1-195.49, 6.1-195.49:1; 1972, c. 796; 1975, c. 79; 1985, c.425; 1986, c. 509.)