Kentucky Statutes 286.6-575 – Trustee or custodian
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(1) A credit union may act as trustee or custodian of:
(a) Individual retirement accounts authorized by federal or state law;
(b) Pension funds of self-employed individuals or of a company or organization sponsoring the credit union; or
(c) Other similar retirement or pension plans, with authorization from the commissioner.
(2) A credit union may act as trustee under pension and profit-sharing plans with authorization from the commissioner.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 737, effective July 15, 2010. — Created
1984 Ky. Acts ch. 408, sec. 58, effective July 13, 1984.
Formerly codified as KRS § 290.575.
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 Kentucky Financial Services Code, KRS Chapter 286.
(a) Individual retirement accounts authorized by federal or state law;
Terms Used In Kentucky Statutes 286.6-575
- Commissioner: means the commissioner of financial institutions. See Kentucky Statutes 286.6-005
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Credit union: means a cooperative, nonprofit association, incorporated under this subtitle, for the purposes of encouraging thrift among its members, creating a source of credit at a fair and reasonable rate of interest, and providing an opportunity for its members to use and control their own money on a democratic basis in order to improve their economic and social condition. See Kentucky Statutes 286.6-005
- Federal: refers to the United States. See Kentucky Statutes 446.010
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
- Statute: A law passed by a legislature.
- Trustee: A person or institution holding and administering property in trust.
(b) Pension funds of self-employed individuals or of a company or organization sponsoring the credit union; or
(c) Other similar retirement or pension plans, with authorization from the commissioner.
(2) A credit union may act as trustee under pension and profit-sharing plans with authorization from the commissioner.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 737, effective July 15, 2010. — Created
1984 Ky. Acts ch. 408, sec. 58, effective July 13, 1984.
Formerly codified as KRS § 290.575.
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 Kentucky Financial Services Code, KRS Chapter 286.