Section 202-J. Power to act as trustee under self-employed retirement trust or individual retirement trust

Each such  foreign  banking  corporation  which  is  authorized to maintain a branch or branches in this state the
  deposits  of  which  are  insured  by  the  federal  deposit   insurance
  corporation  or any successor may, subject to any regulations prescribed
  by the banking board, act through any such branch  as  trustee  under  a
  retirement  plan  established  pursuant  to the provisions of the act of
  congress entitled "Self-employed Individuals Tax Retirement Act of 1962"
  as such provisions may be amended  from  time  to  time,  and  under  an
  individual   retirement   account   plan  established  pursuant  to  the
  amendments to the provisions of the Internal Revenue Code  contained  in
  the act of congress entitled "Employee Retirement Income Security Act of
  1974" as such provisions may be amended from time to time, provided that
  the  provisions of such retirement or individual retirement account plan
  require the funds of such trust to be invested exclusively  in  deposits
  of  branches  of  foreign banking corporations located in this state the
  deposits  of  which  are  insured  by  the  federal  deposit   insurance
  corporation  or any successor and in deposits of banks, trust companies,
  savings banks, savings and loan associations, federal mutual savings  or
  federal  savings  banks  or  federal savings and loan associations whose
  principal offices are located in this state. In the event that any  such
  retirement  or individual retirement account plan, which in the judgment
  of the foreign banking corporation constituted a  qualified  plan  under
  the  provisions  of the applicable act of congress hereinabove mentioned
  and the regulations promulgated thereunder at the  time  the  trust  was
  established   and   accepted  by  the  foreign  banking  corporation  is
  subsequently determined not to be such a qualified plan or  subsequently
  ceases  to  be  such  a qualified plan, in whole or in part, the foreign
  banking corporation may, nevertheless, continue to act as trustee of any
  deposits theretofore made under such plan and to dispose of the same  in
  accordance  with  the  directions of the depositor and the beneficiaries
  thereof. No foreign banking corporation, in  respect  to  deposits  made
  under  this  section,  shall be required to segregate such deposits from
  other deposits of such foreign banking corporation,  provided,  however,
  that  the  foreign  banking  corporation  shall keep appropriate records
  showing in proper detail all transactions engaged in under the authority
  of this section.