17-5817. Authority to act as trustee; commingled funds; records.
17-5817
17-5817. Authority to act as trustee; commingled funds; records.
Any savings and loan association organized under the laws of this state
whose principal office is located in the state of Kansas shall have the
power and authority to act as trustee of any trust created or organized in
the United States and forming part of a stock bonus, pension,
profit-sharing plan or individual retirement account which qualifies or
qualified for specific tax treatment under section 401 (d) or 408 of the
internal revenue code of 1954, as amended, if the funds of such trust are
invested only in savings accounts or deposits in such association or in
obligations or securities issued by such association. All funds held in
such fiduciary capacity by any such association may be commingled for
appropriate purposes of investment, but individual records shall be kept by
the fiduciary for each participant and shall show in proper detail all
transactions engaged in under the authority of this paragraph.
History: L. 1971, ch. 83, § 1; L. 1975, ch. 143, §
1; April 11.