Volume 89 · 301
Public Law 94–60
Amending section 5(c) of the Home Owners’ Loan Act of 1933 to clarify the authority of Federal savings and loan associations to act as custodians of individual retirement accounts.
Approved July 25, 1975
Statutory text
Joint Resolution
Amending section 5(c) of the Home Owners’ Loan Act of 1933 to clarify the authority of Federal savings and loan associations to act as custodians of individual retirement accounts.
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled,
That, the first, sentence of the
Federal savings and loan associations.
Individual retirement accounts, custodians.
paragraph of section 5(c) of the Home Owners’ Loan Act of 1933 which was added by section 708 of the Emergency Home Finance Act of 1970 is amended—
by striking out “or section 408(a)”;
by inserting after “1954” the following: “and to act as trustee or custodian of an individual retirement account within the meaning of section 408 of such Code”; and
by inserting “or account” after “such trust”.
Approved July 25, 1975.