N.D. Admin. Code 13-03-10-01
A credit union is authorized to act as trustee or custodian, and may receive reasonable compensation for so acting, under any written trust instrument or custodial agreement forming part of a pension plan which qualifies or qualified for specific tax treatment under section 401(d) or 408 of the Internal Revenue Code, for its members or groups or organizations of its members, provided the funds of such plans are invested in share accounts or share certificate accounts of the credit union.
All funds held in a trustee or custodial capacity must be maintained in accordance with applicable laws and rules and regulations.
The credit union shall maintain individual records for each participant which show in detail all transactions relating to the funds of each participant or beneficiary.
N.D. Admin Code 13-03-10-01
General Authority: NDCC 6-01-04
Law Implemented: NDCC 6-06-06