17-5817.   Authority to act as trustee; commingled funds; records.Any savings and loan association organized under the laws of this statewhose principal office is located in the state of Kansas shall have thepower and authority to act as trustee of any trust created or organized inthe United States and forming part of a stock bonus, pension,profit-sharing plan or individual retirement account which qualifies orqualified for specific tax treatment under section 401 (d) or 408 of theinternal revenue code of 1954, as amended, if the funds of such trust areinvested only in savings accounts or deposits in such association or inobligations or securities issued by such association. All funds held insuch fiduciary capacity by any such association may be commingled forappropriate purposes of investment, but individual records shall be kept bythe fiduciary for each participant and shall show in proper detail alltransactions engaged in under the authority of this paragraph.

      History:   L. 1971, ch. 83, § 1; L. 1975, ch. 143, §1; April 11.