Md. Code, Financial Institutions § 4-604
This is the official text of Md. Code, Financial Institutions § 4-604, part of Maryland’s Code, Financial Institutions — regulates banks and lenders.
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§4–604.
Official statutory text
(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.
(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.
Status: in_force · Read it on the official government site
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