§ 9.1. Definitions.
The following words and terms, when used in this chapter, have the following meanings, unless the context clearly indicates otherwise:
Commingle—To invest the funds of different accounts of an institution in a common trust or investment fund.
IRA account—A trust created under the Employee Retirement Income Security Act of 1974 (26 U.S.C.A. § 401 et seq.) and amendments to the act, for the exclusive benefit of an individual or the beneficiaries of the individual, or both, which is in accord with the provisions of section 408(a) or (h) of the Internal Revenue Code of 1954 and the regulations of the Internal Revenue Service pertaining to the sections.
Institution—A bank as defined in section 581 of the Internal Revenue Code of 1954, and the regulations of the Internal Revenue Service pertaining to the section, including a savings bank, a savings association and a credit union, but not including a bank the accounts of which are not insured by a department or agency of the United States.
Keogh or H.R. 10 Plan—A trust authorized under the act of October 10, 1962, Pub. L. 87-792 76 Stat. 809, for the benefit of a self-employed individual or other participants, which qualifies under the Internal Revenue Code of 1954, exempt from tax under the Code and subject to the regulations of the Internal Revenue Service pertaining to such trusts.
Pool—To combine the funds of different accounts in a single deposit or account.
Trust—A trust or custodial account as those terms are defined in section 408(a) or (h) of the Internal Revenue Code of 1954 and the regulations of the Internal Revenue Service pertaining to such sections.
Source The provisions of this § 9.1 amended July 30, 1976, effective July 31, 1976, 6 Pa.B. 1790. Immediately preceding text appears at serial page (23457).
No part of the information on this site may be reproduced for profit or sold for profit.
This material has been drawn directly from the official Pennsylvania Code full text database. Due to the limitations of HTML or differences in display capabilities of different browsers, this version may differ slightly from the official printed version.
