1. (a) A savings bank may do any of the following:

   1. (1) Act as the personal representative of the estate of a deceased individual.
   2. (2) Act as the trustee under the last will and testament of a deceased individual.
   3. (3) Act under court appointment as personal representative or trustee under a last will and testament, when the savings bank is the successor to a corporation appointed in the last will and testament.

2. (b) When an individual is appointed with a savings bank as receiver, guardian, commissioner, trustee, or personal representative, the individual's appointment may be under the limitation of powers and upon the terms and conditions of possession and control of the trust assets by the savings bank, or otherwise. If the individual is required to give bond or security, the bond or security shall be as:

   1. (1) the individual and the savings bank agree; and
   2. (2) approved by the court or judge making the appointment.

3. (c) When an individual who is appointed in a fiduciary capacity is required to give a bond or security for the faithful performance of duties, the savings bank may guarantee or become surety for the individual if:

   1. (1) the savings bank takes possession and control of the assets involved; and
   2. (2) approved by the court having jurisdiction of the fiduciary.

As added by P.L.42-1993, SEC.72.