286.5-435 Association as trustee -- Compensation -- Records.
An association may act as trustee, and may receive a reasonable compensation for so <br>acting, of any trust created or organized in the United States and forming part of a stock <br>bonus, pension, or profit-sharing plan which qualifies or qualified for specific tax <br>treatment under Section 401(d) of the Internal Revenue Code of 1954, and to act as <br>trustee or custodian of an individual retirement account within the meaning of Section <br>408 of such code, if the funds of such trust or account are invested only in savings <br>accounts or deposits in such association or in obligations or securities issued by such <br>association. All funds held in such fiduciary capacity by any such association may be <br>commingled for appropriate purposes of investment, but individual records shall be kept <br>by the fiduciary for each participant and shall show in proper detail all transactions <br>engaged in under the authority of this section.
Effective: June 19, 1976 <br>History: Created 1976 Ky. Acts ch. 301, sec. 1, effective June 19, 1976. <br>Formerly codified as KRS 289.435. <br>Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts
ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the <br>Kentucky Financial Services Code, KRS Chapter 286.
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