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§ 4-206. General and specific powers of savings banks

West's Annotated Code of MarylandFinancial Institutions

West's Annotated Code of Maryland
Financial Institutions
Title 4. Banking Institutions--Savings Banks
Subtitle 2. Formation and Powers (Refs & Annos)
MD Code, Financial Institutions, § 4-206
§ 4-206. General and specific powers of savings banks
Currentness
In general
(a) Except as otherwise provided in this article, a savings bank has all of the general powers granted to Maryland corporations under the Maryland General Corporation Law.1
Powers of savings bank
(b) In addition to the powers set forth elsewhere in this article, a savings bank may:
(1) Receive deposits of money from:
(i) Any person;
(ii) The federal government or its agencies; and
(iii) Any state or its political subdivisions;
(2) Pledge collateral to secure the deposits of:
(i) The federal government or its agencies; or
(ii) Any state or its political subdivisions;
(3) On good security:
(i) Invest deposits; and
(ii) Make loans from deposits;
(4) Subject to § 4-603 of this title:
(i) Borrow money; and
(ii) Pledge its assets to secure the debt;
(5) Rent its vaults or safe-deposit boxes and, in accordance with the rental agreement, permit deposits of property;
(6) Subject to § 5-503 of this article, buy, hold, and convey real property;
(7) Subject to § 4-604 of this title, act as trustee under:
(i) The federal Self-Employed Individuals Tax Retirement Act of 1962;2 or
(ii) The federal Employee Retirement Income Security Act of 1974;3
(8) With the prior approval of the Commissioner, exercise the powers granted under § 3-207 of this article to a trust company; and
(9) Exercise all of the powers usual in carrying on a business of savings banking.

Credits

Added by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1982, c. 904; Acts 1983, c. 8; Acts 1996, c. 326, § 2, eff. July 1, 1996.
Formerly Art. 11, § 41.

Footnotes

1
Corporations and Associations, § 1-101 et seq.
2
Pub.L. 87-792, Oct. 10, 1962, 76 Stat. 809.
3
Pub.L. 93-406, Sept. 2, 1974, 88 Stat. 829, codified at 29 U.S.C.A. § 1001 et seq.
MD Code, Financial Institutions, § 4-206, MD FIN INST § 4-206
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document