SENATE BILL NO. 270
AN ACT TO AMEND CHAPTER 19, TITLE 5 OF THE DELAWARE CODE RELATING TO POWERS AND CONDUCT OF BUSINESS OF BUILDING AND LOAN ASSOCIATIONS AND PROVIDING THAT SAID ASSOCIATIONS HAVE POWER TO ACT AS TRUSTEE UNDER THE UNITED STATES SELF-EMPLOYED INDIVIDUALS TAX RETIREMENT ACT OF 1962 AND AMENDMENTS THERETO.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:
Section 1. Amend §1902 of Chapter 19, Title 5 of the Delaware Code by adding thereto a new paragraph which shall read as follows:
"Building and Loan Associations may act as trustee of trusts created or organized in the United States under the Self-Employed Individuals Tax Retirement Act of 1962, and amendments thereto, and which qualify for specific tax treatment under §401(d) or §408(a) of the United States Internal Revenue Code of 1954, if the funds of such trust are invested in savings accounts or deposits in such association or in obligations or securities issued by such association. Individual accounts and records shall be kept by the association for each participant and shall show in proper detail all transactions therein."
Approved June 29, 1978.