Page:United States Statutes at Large Volume 103 Part 1.djvu/325

 PUBLIC LAW 101-73 —AUG. 9, 1989 103 STAT. 297 Records. District of Ck>lumbia. obligations owed the United States, and the Secretary of the Treas- ury may deposit public money in any such savings association, and shall prescribe such regulations as may be necessary to carry out the purposes of this subsection. "(1) RETIREMENT ACCOUNTS. — A Federal savings association is au- thorized to act as trustee of any trust created or organized in the United States and forming part of a stock bonus, pension, or profit- sharing plan which qualifies or qualified for specific tax treatment under section 401(d) of the Internal Revenue Code of 1986 and to act as trustee or custodian of an individual retirement account within the meaning of section 408 of such Code if the funds of such trust or account are invested only in savings accounts or deposits in such Federal savings association or in obligations or securities issued by such Federal savings association. All funds held in such fiduciary capacity by any Federal savings association may be commingled for appropriate purposes of investment, but individual records shall be kept by the fiduciary for each participant and shall show in proper detail all transactions engaged in under this paragraph. "(m) BRANCHING.— " (1) IN GENERAL. — "(A) No savings association incorporated under the laws of the District of Columbia or organized in the District or doing business in the District shall establish any branch or move its principal office or any branch without the Direc- tor's prior written approval. "(B) No savings association shall establish any branch in the District of Columbia or move its principal office or any branch in the District without the Director's prior written approval. "(2) DEFINITION. —For purposes of this subsection the term 'branch' means any office, place of business, or facility, other than the principal office as defined by the Director, of a savings association at which accounts are opened or payments are received or withdrawals are made, or any other office, place of business, or facility of a savings association defined by the Director as a branch within the meaning of such sentence. " (n) TRUSTS. — "(1) PERMITS.— The Director may grant by special permit to a Federal savings association applying therefor the right to act as trustee, executor, administrator, guardian, or in any other fidu- ciary capacity in which State banks, trust companies, or other corporations which compete with Federal savings associations are permitted to act under the laws of the State in which the Federal savings association is located. Subject to the regulations Securities of the Director, service corporations may invest in State or federally chartered corporations which are located in the State in which the home office of the Federal savings association is located and which are engaged in trust activities. "(2) SEGREGATION OF ASSETS. —A Federal savings association Records, exercising any or all of the powers enumerated in this section shall segregate all assets held in any fiduciary capacity from the general assets of the association and shall keep a separate set of books and records showing in proper detail all transactions engaged in under this subsection. The State banking authority involved may have access to reports of examination made by the Director insofar as such reports relate to the trust department of such association but nothing in this subsection shall be

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