§ 454. General powers. In addition to the powers conferred by the\nprovisions of this chapter, a credit union shall, subject to the\nrestrictions and limitations contained in this article, in its bylaws,\nand in any regulations promulgated by the superintendent, or in any\nregulations of the superintendent of financial services as may be\nspecifically authorized under this section, have the following powers:\n 1. To issue and receive payments on, shares, share drafts, and share\ncertificates, subject to such terms, rates, and conditions as are\nestablished by its board of directors, from its members and from other\ncredit unions, both state and federally chartered.\n A member may designate any person or persons to own shares or share\ncertificates with him or her in joint tenancy with the right of\nsurvivorship, but no joint tenant shall be permitted to vote, obtain\nloans, or hold office, unless he or she is within the field of\nmembership and is a qualified member.\n 2. To act as trustee under a retirement plan established pursuant to\nthe provisions of the act of congress entitled "Self-employed\nIndividuals Tax Retirement Act of 1962," and provisions of law contained\ntherein, as amended; provided that the provisions of such retirement\nplan require the funds of such trust to be invested exclusively in share\naccounts of insured state and federally chartered credit unions. In the\nevent that any such retirement plan, which, in the judgment of the\ncredit union, constituted a qualified plan under the provisions of said\nself-employed individuals tax retirement act of nineteen hundred\nsixty-two, and provisions of law contained therein, as amended, and the\nregulations promulgated thereunder at the time the trust was established\nand accepted by the credit union, is subsequently determined not to be\nsuch a qualified plan or subsequently ceases to be such a qualified\nplan, in whole or in part, the credit union may, nevertheless, continue\nto act as trustee of any shares theretofore made under such plan and to\ndispose of the same in accordance with the directions of the\nshareholders and the beneficiaries thereof. No credit union, in respect\nto shares purchased under this subdivision, shall be required to\nsegregate such shares from other shares of such credit union; provided,\nhowever, that the credit union shall keep appropriate records showing in\nproper detail all transactions engaged in under the authority of this\nsubdivision.\n 3. To act as trustee of an individual retirement account established\npursuant to the provisions of the act of congress entitled "Employee\nRetirement Income Security Act of 1974," and provisions of law contained\ntherein, as amended; provided that the provisions of the written\ngoverning instrument creating the trust require the funds of such trust\nto be invested exclusively in share accounts of insured state and\nfederally chartered credit unions. In the event that any such individual\nretirement account, which, in the judgment of the credit union,\nconstituted a qualified individual retirement account under the\nprovisions of said employee retirement income security act of 1974, and\nprovisions of law contained therein, as amended, and the regulations\npromulgated thereunder at the time the trust was established and\naccepted by the credit union, is subsequently determined not to be such\na qualified individual retirement account or subsequently ceases to be\nsuch a qualified individual retirement account, in whole or in part, the\ncredit union may, nevertheless, continue to act as trustee of any shares\ntheretofore purchased under such individual retirement account and to\ndispose of the same in accordance with the directions of the shareholder\nand the beneficiaries thereof. No credit union, in respect to shares\npurchased under this subdivision, shall be required to segregate such\nshares from other shares of such credit union; provided, however, that\nthe credit union shall keep a
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