§ 508 — General powers

§ 508. General powers. In addition to the powers conferred by article\nfifteen of this chapter, an investment company may, subject to the\nrestrictions and limitations contained in this article, have the\nfollowing powers:\n 1. (a) To borrow and lend money, with or without real or personal\nsecurity; as principal or agent, to purchase, discount, acquire, invest\nin, sell and dispose of bills of exchange, drafts, notes, acceptances\nand other choses in action and obligations for the payment of money;\nand, as principal or agent, to purchase, acquire, invest in, service,\nsell and dispose of, and make loans upon the security of, bonds and\nmortgages on real property situated in this state or outside this state.\n (b) Pursuant to paragraph (a) of this subdivision, an investment\ncompany may lend money at a rate or rates, and upon such terms and\nconditions, as agreed to by such investment company and borrower.\n 2. To accept bills of exchange or drafts drawn upon it payable on\ndemand or on time not exceeding one year from the date of acceptance; to\nissue letters of credit authorizing the holders thereof to draw upon it\nor its correspondents at sight or on time; and to buy and sell coin,\nbullion and exchange.\n 3. With the approval of the superintendent of financial services, and\nsubject to such conditions as the superintendent of financial services\nshall impose,\n (a) To act as financial agent of the United States government and as\ndepositary of public money of the United States (including, without\nbeing limited to, revenues and funds of the United States, and any funds\nthe deposit of which is subject to the control or regulation of the\nUnited States or any of its officers, agents, or employees); and to\nperform all such reasonable duties as depositary of such public money\nand as financial agent of the United States government as may be\nrequired of it; and to pledge assets or furnish other security,\nsatisfactory in form and amount to the secretary of the treasury of the\nUnited States, for the safekeeping and prompt payment of such public\nmoney deposited with it and for the faithful performance of its duties\nas financial agent of the United States government.\n (b) To engage in the business of receiving deposits outside this\nstate.\n (c) To receive money for transmission and to transmit the same from\nthe United States to any foreign country and from any foreign country to\nthe United States.\n 4. To establish branches pursuant to the provisions of article two of\nthis chapter; provided, however, that an investment company to which the\nprovisions of subdivision two of section thirty-six of this chapter are\ninapplicable may establish branches, without applying and obtaining\nauthorization therefor under the provisions of article two of this\nchapter, but such investment company shall not open any such branch\nuntil it shall have notified the superintendent in writing of the place\nwhere such branch is to be located.\n 5. To purchase, acquire, invest in and hold all or any of the stocks\nof any corporation, domestic or foreign, and to sell and dispose of all\nor any such stocks owned by it.\n 6. To exercise, subject to such regulations as may be issued from time\nto time by the superintendent, through any branch office opened and\noccupied outside the states of the United States and the District of\nColumbia with the approval of the superintendent as provided in article\ntwo of this chapter, such further powers as may be usual, in connection\nwith the transaction of the business permitted by this article, in the\nplace where such branch office shall transact business; provided that no\nsuch branch office shall engage in the general business of producing,\ndistributing, buying or selling goods, wares, or merchandise.\n The grant of powers to investment companies by or pursuant to this\nsection shall not be deemed to limit or restrict any other corporations,\nheretofore or hereafter organized, in the exercise of their lawful\npowers.\n