§ 4-604
177 words·~1 min read·
/md/financial-institutions/4-604A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§4–604.
(a)In this section, “federal act” means:
(1)The federal Self-Employed Individuals Tax Retirement Act of 1962; or
(2)The federal Employee Retirement Income Security Act of 1974.
(b)A savings bank may act as trustee of a plan under either federal act, as provided in this section.
(c)A savings bank may:
(1)Accept a trust under a plan that:
(i)Constitutes a qualified plan under a federal act and the rules and regulations adopted under it; and
(ii)Requires the exclusive investment of trust funds in deposits of a mutual savings institution; and
(2)Continue as trustee of a plan that is determined not to be or ceases to be a qualified plan, if, when the savings bank accepted the trust, the savings bank judged the plan to be a qualified plan.
(d)A savings bank that is acting as trustee of a plan under a federal act:
(1)May integrate the trust funds with its other deposits; and
(2)Shall keep appropriate, detailed records of all transactions in which it engages as trustee.