{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1171.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1171.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1171.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1171.html"}],"law_id":75969,"edition_id":1,"section_id":75969,"structure_id":14436,"section_number":"6.2-1171","catch_line":"Accounts under federal Self-Employed Individuals Tax Retirement Act and federal Employee Retirement Income Security Act of 1974 (P.L. 93-406, 88 Stat. 829)","history":"1972, c. 796, \u00a7 6.1-195.49; 1975, c. 79, \u00a7 6.1-195.49:1; 1985, c. 425, \u00a7 6.1-194.54; 1986, c. 509; 2010, c. 794.","full_text":"A\n\nTo the extent allowed by federal law, an insured savings institution may act as trustee or custodian under the federal Self-Employed Individuals Tax Retirement Act of 1962, as amended. Funds held as such trustee or custodian may be invested in accounts of the association to the extent that the trust, custodial or other plan does not prohibit such investment.B\n\nTo the extent allowed by federal law, an insured savings institution may act as trustee or custodian of individual retirement accounts under the federal Employee Retirement Income Security Act of 1974 (P.L. 93-406, 88 Stat. 829), as amended. Contributions may be accepted and interest thereon retained by such institution pursuant to forms provided by it and may be invested in accounts of the institution in accordance with the terms upon which such contributions were accepted.","order_by":null,"text":{"0":{"id":272735,"text":"To the extent allowed by federal law, an insured savings institution may act as trustee or custodian under the federal Self-Employed Individuals Tax Retirement Act of 1962, as amended. Funds held as such trustee or custodian may be invested in accounts of the association to the extent that the trust, custodial or other plan does not prohibit such investment.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":272736,"text":"To the extent allowed by federal law, an insured savings institution may act as trustee or custodian of individual retirement accounts under the federal Employee Retirement Income Security Act of 1974 (P.L. 93-406, 88 Stat. 829), as amended. Contributions may be accepted and interest thereon retained by such institution pursuant to forms provided by it and may be invested in accounts of the institution in accordance with the terms upon which such contributions were accepted.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"ancestry":[{"id":14436,"edition_id":1,"name":"Accounts","identifier":"6","label":"article","depth":4,"order_by":1,"parent_id":13490,"metadata":{},"date_created":"2026-06-26 03:48:08","date_modified":"2026-06-26 03:48:08","permalink":{"id":264377,"object_type":"structure","relational_id":14436,"identifier":"6","token":"6.2\/II\/11\/6","url":"\/6.2\/II\/11\/6\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13490,"edition_id":1,"name":"Savings Institutions","identifier":"11","label":"chapter","depth":3,"order_by":1,"parent_id":13000,"metadata":{},"date_created":"2026-06-26 03:45:01","date_modified":"2026-06-26 03:45:01","permalink":{"id":264101,"object_type":"structure","relational_id":13490,"identifier":"11","token":"6.2\/II\/11","url":"\/6.2\/II\/11\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13000,"edition_id":1,"name":"Depository Institutions and Trust Organizations","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":12852,"metadata":{},"date_created":"2026-06-26 03:44:07","date_modified":"2026-06-26 03:44:07","permalink":{"id":263685,"object_type":"structure","relational_id":13000,"identifier":"II","token":"6.2\/II","url":"\/6.2\/II\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12852,"edition_id":1,"name":"Financial Institutions and Services","identifier":"6.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:56","date_modified":"2026-06-26 03:43:56","permalink":{"id":263249,"object_type":"structure","relational_id":12852,"identifier":"6.2","token":"6.2","url":"\/6.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":60070,"structure_id":14436,"section_number":"6.2-1166","catch_line":"Accounts of state savings institutions","url":"\/6.2-1166\/","token":"6.2\/II\/11\/6\/6.2-1166","metadata":false},{"id":72669,"structure_id":14436,"section_number":"6.2-1167","catch_line":"Rules governing withdrawal","url":"\/6.2-1167\/","token":"6.2\/II\/11\/6\/6.2-1167","metadata":false},{"id":72950,"structure_id":14436,"section_number":"6.2-1168","catch_line":"Redemption","url":"\/6.2-1168\/","token":"6.2\/II\/11\/6\/6.2-1168","metadata":false},{"id":67289,"structure_id":14436,"section_number":"6.2-1169","catch_line":"Accounts of savings institutions as legal investments and as security","url":"\/6.2-1169\/","token":"6.2\/II\/11\/6\/6.2-1169","metadata":false},{"id":69447,"structure_id":14436,"section_number":"6.2-1170","catch_line":"Deposits of federal taxes and U.S. Treasury tax and loan accounts","url":"\/6.2-1170\/","token":"6.2\/II\/11\/6\/6.2-1170","metadata":false},{"id":75969,"structure_id":14436,"section_number":"6.2-1171","catch_line":"Accounts under federal Self-Employed Individuals Tax Retirement Act and federal Employee Retirement Income Security Act of 1974 (P.L. 93-406, 88 Stat. 829)","url":"\/6.2-1171\/","token":"6.2\/II\/11\/6\/6.2-1171","metadata":false},{"id":76647,"structure_id":14436,"section_number":"6.2-1172","catch_line":"Accounts issued in name of minor","url":"\/6.2-1172\/","token":"6.2\/II\/11\/6\/6.2-1172","metadata":false},{"id":55801,"structure_id":14436,"section_number":"6.2-1173","catch_line":"Powers of attorney on 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beneficiary","url":"\/6.2-1178\/","token":"6.2\/II\/11\/6\/6.2-1178","metadata":false}],"previous_section":{"id":69447,"structure_id":14436,"section_number":"6.2-1170","catch_line":"Deposits of federal taxes and U.S. Treasury tax and loan accounts","url":"\/6.2-1170\/","token":"6.2\/II\/11\/6\/6.2-1170","metadata":false},"next_section":{"id":76647,"structure_id":14436,"section_number":"6.2-1172","catch_line":"Accounts issued in name of minor","url":"\/6.2-1172\/","token":"6.2\/II\/11\/6\/6.2-1172","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1171\/","history_text":"

This law was first created in 1972. The record of its establishment is cataloged in chapter 796 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1972 \u201cActs\u201d aren\u2019t available online. It has been modified 4 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1975, chapter 79; in 1985, chapter 425; in 1986, chapter 509; in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":264399,"object_type":"law","relational_id":75969,"identifier":"6.2-1171","token":"6.2\/II\/11\/6\/6.2-1171","url":"\/6.2-1171\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1171\/","token":"6.2\/II\/11\/6\/6.2-1171","dublin_core":{"Title":"Accounts under federal Self-Employed Individuals Tax Retirement Act and federal Employee Retirement Income Security Act of 1974 (P.L. 93-406, 88 Stat. 829)","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1171","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> To the extent allowed by federal law<\/span>, an insured savings institution<\/span> may act as trustee or custodian under the federal Self-Employed Individuals Tax Retirement Act of 1962, as amended. Funds held as such trustee or custodian may be invested in accounts<\/span> of the association<\/span> to the extent that the trust, custodial or other plan does not prohibit such investment. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> To the extent allowed by federal law<\/span>, an insured savings institution<\/span> may act as trustee or custodian of individual retirement accounts<\/span> under the federal Employee Retirement Income Security Act of 1974 (P.L. 93-406, 88 Stat. 829), as amended. Contributions may be accepted and interest thereon retained by such institution pursuant to forms provided by it and may be invested in accounts<\/span> of the institution in accordance with the terms upon which such contributions were accepted. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nACCOUNTS UNDER FEDERAL SELF-EMPLOYED INDIVIDUALS TAX RETIREMENT ACT AND FEDERAL\nEMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974 (P.L. 93-406, 88 STAT. 829) (\u00a7\n6.2-1171)\n\nA. To the extent allowed by federal law, an insured savings institution may act\nas trustee or custodian under the federal Self-Employed Individuals Tax\nRetirement Act of 1962, as amended. Funds held as such trustee or custodian may\nbe invested in accounts of the association to the extent that the trust,\ncustodial or other plan does not prohibit such investment.\n\nB. To the extent allowed by federal law, an insured savings institution may act\nas trustee or custodian of individual retirement accounts under the federal\nEmployee Retirement Income Security Act of 1974 (P.L. 93-406, 88 Stat. 829), as\namended. Contributions may be accepted and interest thereon retained by such\ninstitution pursuant to forms provided by it and may be invested in accounts of\nthe institution in accordance with the terms upon which such contributions were\naccepted.\n\nHISTORY: 1972, c. 796, \u00a7 6.1-195.49; 1975, c. 79, \u00a7 6.1-195.49:1; 1985, c.\n425, \u00a7 6.1-194.54; 1986, c. 509; 2010, c. 794.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}