1. (a) 26 U.S.C. § 408 et seq., establishes individual retirement accounts.
2. (b) A bank that has trust powers may accept deposits into individual retirement accounts and may, depending on the arrangement between the depositor and the bank, exercise discretion in the investment of such account.
3. (c) If a bank does not have trust powers, it may accept such deposits on a custodial arrangement only.
4. (d) However, reference should be made to the above cited federal law and the regulations and rulings promulgated thereunder for the administration of such accounts.

Codification Notes: This section was promulgated as Section 47-701.5 of the State Bank Department Rules prior to codification into the Code of Arkansas Rules. This section as promulgated prior to codification into the Code of Arkansas Rules provided as follows: "(Reference A.C.A. § 23-47-701)"