§ 380-H — Trust powers

§ 380-h. Trust powers. 1. The superintendent of financial services is\nauthorized and empowered to grant permission to a savings and loan\nassociation to exercise any or all of the powers specified in sections\none hundred, one hundred-a, one hundred-b and one hundred-c of this\nchapter. In passing upon applications for permission to exercise any\nsuch powers, the superintendent of financial services may take into\nconsideration the amount of surplus of the applying association, whether\nor not such surplus is sufficient under the circumstances of the case,\nthe needs of the community to be served and any other facts and\ncircumstances that seem proper, and may grant or refuse it permission\naccordingly.\n 2. Whenever the laws of this state require a trust company acting in a\nfiduciary capacity to deposit securities with the state authorities for\nthe protection of private or court trusts, a savings and loan\nassociation, so acting, is empowered to make similar deposits of\nsecurities.\n 4. The superintendent of financial services is authorized to\npromulgate such regulations as he or she may deem necessary or proper to\nimplement the provisions of this section and the proper exercise of the\npowers granted by this section.\n