Every banking institution of this Commonwealth and every national banking association having its principal office therein which has a combined capital and surplus of at least twenty million dollars ($20,000,000) is hereby appointed as an additional loan and transfer agent of this Commonwealth for all loans, bonds or notes of this Commonwealth now outstanding or hereafter issued by this Commonwealth; and as such agent is hereby authorized and empowered to issue, countersign, register and transfer loans, bonds and notes of this Commonwealth, to keep records of the issuance, registration and transfer thereof, to receive and disburse payments of principal and interest thereon, and to perform all other acts and duties in respect thereof which the other duly authorized loan and transfer agent of the Commonwealth is empowered to perform, as directed by existing laws.