State Codes and Statutes
Statutes > New-hampshire > TITLEXXXV > CHAPTER386 > 386-55A savings bank shall have the power to act as trustee under a retirement plan established pursuant to the provisions of the act of Congress entitled ""Self-Employed Individuals Tax Retirement Act of 1962'', provided that the provisions of such retirement plan permit, although they need not limit, the investment of the funds of such trust in deposits in savings banks. In the event that any such retirement plan which, in the judgment of the savings bank, constituted a qualified plan under the provisions of said Self-Employed Individuals Tax Retirement Act of 1962 and the regulations promulgated thereunder at the time the trust was established and accepted by the savings bank, is subsequently determined not to be such a qualified plan, in whole or in part, the savings bank may, nevertheless, continue to act as trustee of any funds theretofore delivered to it under such plan and to dispose of the same in accordance with the directions of the grantor and the beneficiaries thereof. No savings bank, in respect of funds of which it is trustee under this section, shall be required to segregate such funds for purposes of investment, unless the trust instrument so provides; but a savings bank shall keep appropriate records for each trust showing in proper detail all transactions engaged in under the authority of this section.
Source. 1969, 411:4, eff. Aug. 31, 1969.
