N.Y. Banking Law Section 96-C
Power to act as trustee under self-employed retirement trust or individual retirement trust


Every bank without fiduciary powers may, subject to any regulations and restrictions prescribed by the superintendent of financial services, 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” as such provisions may be amended from time to time, and under an individual retirement account plan established pursuant to the amendments to the provisions of the Internal Revenue Code contained in the act of congress entitled “Employee Retirement Income Security Act of 1974” as such provisions may be amended from time to time, provided that the provisions of such retirement or individual retirement account plan require the funds of such trust to be invested exclusively in deposits in banks, trust companies, savings banks, savings and loan associations or federal savings and loan associations whose principal offices are located in this state. In the event that any such retirement or individual retirement account plan, which in the judgment of the bank, constituted a qualified plan under the provisions of the applicable act of congress hereinabove mentioned and the regulations promulgated thereunder at the time the trust was established and accepted by the bank is subsequently determined not to be such a qualified plan or subsequently ceases to be such a qualified plan, in whole or in part, the bank may, nevertheless, continue to act as trustee of any deposits theretofore made under such plan and to dispose of the same in accordance with the directions of the depositor and the beneficiaries thereof. No bank, in respect to deposits made under this section, shall be required to segregate such deposits from other deposits of such bank, provided, however, that the bank shall keep appropriate records showing in proper detail all transactions engaged in under the authority of this section.

Source: Section 96-C — Power to act as trustee under self-employed retirement trust or individual retirement trust, https://www.­nysenate.­gov/legislation/laws/BNK/96-C (updated Sep. 22, 2014; accessed Dec. 2, 2023).

94
Change from bank to trust company
96
General powers
96–A
Servicing of mortgages by banks
96–B
Payroll payment by banks or trust companies
96–C
Power to act as trustee under self-employed retirement trust or individual retirement trust
96–D
Banking development districts
97
Power to purchase securities and stocks
98
Power to take and hold real estate
98–A
Club accounts
100
Fiduciary powers
100–A
Fiduciary capacities
100–B
Investments as fiduciary
100–C
Common trust funds
100–D
Foreign common trust funds
101
Additional powers of certain trust companies
102
Powers of specially chartered trust companies
102–A
Limited liability trust companies
103
Restrictions on loans, purchases of securities and total liabilities to bank or trust company of any one person
104
Entries in books
105
Branch offices
105–A
Electronic facilities
105–B
Trust offices
106
Deposits by banks and trust companies with other banking corporations and private bankers
107
Reserves against deposits
107–A
Security for public deposits
108
Rates of interest
108–A
Acceptance of United States currency
109
Closing of books
110
Surplus fund
111
Profits
112
Dividends
113
Change of location
114
Assessment of stockholders to make good impairment of capital stock
121
Reports to directors
122
Examinations of banks and trust companies by directors
123
Reports of directors’ examinations
124
Communications from department of financial services to be submitted to directors and noted in minutes
125
Reports to superintendent
128
Preservation of books and records
129
Requirement of notice on withdrawal of certain time deposits
129–A
Requirement of written notification
130
Restrictions on officers, directors and employees
131
Prohibitions against encroachments upon certain powers of banks and trust companies
132
Use of sign, or words, indicating bank or trust company by unauthorized persons prohibited
133
Use of banking institution name
134
Repayment of deposits standing in the names of minors, trustees or joint depositors
136
Change of national banking association into state bank by conversion or merger
136–A
Purchase of assets of national banking association by bank or trust company
136–B
Approval of superintendent
136–C
Effect of merger or conversion of national banking association into state bank
137
Change of state bank into national banking association by conversion, merger or consolidation
138
Foreign branches
139
Saving clause
140–A
Stock option plans

Accessed:
Dec. 2, 2023

Last modified:
Sep. 22, 2014

§ 96-C’s source at nysenate​.gov

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