Texas Finance Code 93.006 – Power to Act Under Certain Federal Retirement Plans
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Terms Used In Texas Finance Code 93.006
- Trustee: A person or institution holding and administering property in trust.
A savings bank or a federal savings bank, to the extent that its charter and applicable federal regulations permit, may:
(1) exercise any power necessary to qualify as a trustee or custodian for a retirement plan permitted or recognized by federal law; and
(2) invest money the bank holds as trustee or custodian under Subdivision (1) in the bank’s accounts if the plan does not prohibit that investment.