Texas Finance Code

§ 63.006 — POWER TO ACT UNDER CERTAIN FEDERAL RETIREMENT PLANS

FI § 63.006Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part B. SAVINGS AND LOAN ASSOCIATIONS · Ch. 63. GENERAL POWERS

Statute text

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An association or a federal association, to the extent that its charter and applicable federal regulations permit, may:

(1)exercise any power necessary to qualify as a trustee or custodian for:

(A)a retirement plan meeting the requirements of 26 U.S.C. Section 401(d) or 408; or

(B)a similar plan permitted or recognized by federal law; and

(2)invest money the association holds as trustee or custodian under Subdivision (1) in the association's savings accounts if the plan does not prohibit that investment.

Legislative history

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.