§913. Powers
In addition to the powers conferred upon corporations by the general corporations law of this State, an industrial bank shall have the power to:
[PL 1975, c. 500, §1 (NEW).]
1.
Borrow and lend.
Borrow and to lend money, and discount notes and bills of exchange including trade acceptances;
[PL 1975, c. 500, §1 (NEW).]
2.
Investments.
Purchase, invest in, hold and sell such notes, bonds and securities as are legal for investments in accordance with the provisions of chapter 55.
[PL 1975, c. 500, §1 (NEW).]
3.
FHA insured loans.
Make such loans as are eligible for insurance pursuant to Title I of the National Housing Act, as amended, and to apply for and obtain insurance on said loans pursuant to said Act.
[PL 1979, c. 663, §55 (AMD).]
4.
Certificates of investment.
Sell certificates of investment, either of fixed or of uncertain term; and
[PL 1979, c. 663, §55 (AMD).]
5.
Branches.
Establish branch or agency offices in accordance with chapter 33; provided that the powers set forth in subsection 4 may only be exercised at branch or agency offices authorized and doing business on or before June 1, 1967.
[PL 1975, c. 500, §1 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1979, c. 663, §55 (AMD).