§ 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.

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