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Maryland Code, Financial Institutions § 4-206

Current as of January 01, 2025 | Updated by Findlaw Staff

(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

(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.

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.
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Cite this article: FindLaw.com - Maryland Code, Financial Institutions § 4-206 - last updated January 01, 2025 | https://codes.findlaw.com/md/financial-institutions/md-code-fin-inst-sect-4-206/

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