                                 CODE OF VIRGINIA

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) (§
6.2-1171)

A. 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.

B. 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.

HISTORY: 1972, c. 796, § 6.1-195.49; 1975, c. 79, § 6.1-195.49:1; 1985, c.
425, § 6.1-194.54; 1986, c. 509; 2010, c. 794.