6.1-225.46 - (Repealed effective October 1, 2010) Individual retirement accounts, etc. - Virginia Statutes

§ 6.1-225.46. (Repealed effective October 1, 2010) Individual retirementaccounts, etc.

A credit union may act as trustee or custodian of (i) individual retirementaccounts established with the credit union for the benefit of its membersunder the Federal Employee Retirement Security Act of 1974, as amended fromtime to time; (ii) pension funds of self-employed individuals or of a companyor organization sponsoring the credit union; or (iii) other similarretirement or pension plans. Contributions thereto and earnings thereon maybe accepted and retained in accordance with that act but shall be invested inshares of the credit union. If the credit union bylaws so provide suchaccounts may be established for the benefit of members in the names of othertrustees or custodians who are qualified to serve as such under the laws ofthis Commonwealth and that act.

(1976, c. 205, § 6.1-207.1; 1990, c. 373.)