§ 45-14-104 — Deposits - Borrowing and securities - Investments - Issuance of credit cards - Offices - Trust business

(a) A savings bank may accept deposits that: (1) May be withdrawn on a demand or other basis; (2) May be negotiable instruments of the savings bank; and (3) It may pay interest upon. (b) A savings bank may borrow, give security, and issue securities, (including capital stock), notes, bonds, debentures and other obligations. (c) A savings bank may invest in, sell or otherwise deal in the accounts, investments and loans, in the same manner as is provided for associations in chapter 3 of this title, and the regulations issued under that chapter. (d) A savings bank may: (1) Issue credit cards, extend credit in connection therewith, and otherwise engage in or participate in credit card operations; (2) Establish, maintain and close offices, branches, remote service units, automated teller machines and other facilities on the same basis as savings institutions chartered under the laws of this state; and (3) Carry on a trust business, which may encompass acting as trustee, executor, administrator, guardian or in any other fiduciary capacity, on the same basis, and subject to the same requirements with regard to the business, as may commercial banks, trust companies and other corporations authorized under the laws of this state and the regulations under the laws to carry on the business.

Legislative History

Acts 1991, ch. 177, §§ 4-6; 1996, ch. 768, §§ 30, 31.