Section 4-206 - General powers of savings bank. - Maryland Statutes

§ 4-206. General powers of savings bank.
 

(a)  General powers.- 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. 

(b)  Specific powers.- 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; or 

(ii) The federal Employee Retirement Income Security Act of 1974; 

(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. 
 

[An. Code 1957, art. 11, § 41; 1980, ch. 33, § 2; 1982, ch. 904; 1983, ch. 8; 1996, ch. 326, § 2.]