§ 54B‑77. Certainpowers granted to State associations.
(a) In addition to thepowers granted under this Chapter, any savings and loan associationincorporated or operated under the provisions of this Chapter is hereinauthorized to:
(1) Establish off thepremises of any principal office or branch a customer communications terminal,point‑of‑sale terminal, automated teller machine, automated orother direct or remote information‑processing device or machine, whethermanned or unmanned, through or by means of which funds or information relatingto any financial service or transaction rendered to the public is stored andtransmitted, instantaneously or otherwise to or from an association terminal orterminals controlled or used by or with other parties; and the establishmentand use of such a device or machine shall not be deemed to constitute a branchoffice and the capital requirements and standards for approval of a branchoffice as set forth in the statutes and regulations, shall not be applicable tothe establishment of any such off‑premises terminal, device or machine;and associations may through mutual consent share on‑premises unmannedautomated teller machines and cash dispensers. The Commissioner of Banks mayprescribe rules and regulations with regard to the application for permissionfor use, maintenance and supervision of said terminals, devices and machines;
(2) Subject to suchregulations as the Commissioner of Banks may prescribe, a state‑charteredassociation is authorized to issue credit cards, extend credit in connectiontherewith, and otherwise engage in or participate in credit card operations;
(3) Subject to suchregulations as the Commissioner of Banks may prescribe, a state‑charteredassociation may act as a trustee, executor, administrator, guardian or in anyother fiduciary capacity permitted for federal savings and loan associations;
(4) a. Inaccordance with rules and regulations issued by the Commissioner of Banks,mutual capital certificates may be issued by state‑chartered associationsand sold directly to subscribers or through underwriters, and such certificatesshall constitute part of the general reserve and net worth of the issuingassociation. The Commissioner of Banks, in the rules and regulations relatingto the issuance and sale of mutual capital certificates, shall provide thatsuch certificates:
1. Shall be subordinateto all savings accounts, savings certificates, and debt obligations;
2. Shall constitute aclaim in liquidation on the general reserves, surplus and undivided profits ofthe association remaining after the payment of all savings accounts, savingscertificates, and debt obligations;
3. Shall be entitled tothe payment of dividends; and
4. May have a fixed orvariable dividend rate.
b. The Commissioner ofBanks shall provide in the rules and regulations for charging losses to themutual capital certificate, reserves, and other net worth accounts.
(b) To such extent asthe Commissioner of Banks may authorize by regulation or advice in writing, aState association may issue notes, bonds, debentures, or other obligations orsecurities. (1981,c. 282, s. 3; 1983, c. 144, s. 16; 1989 (Reg. Sess., 1990), c. 806, s. 7; 2001‑193,s. 16.)
§ 54B‑77. Certainpowers granted to State associations.
(a) In addition to thepowers granted under this Chapter, any savings and loan associationincorporated or operated under the provisions of this Chapter is hereinauthorized to:
(1) Establish off thepremises of any principal office or branch a customer communications terminal,point‑of‑sale terminal, automated teller machine, automated orother direct or remote information‑processing device or machine, whethermanned or unmanned, through or by means of which funds or information relatingto any financial service or transaction rendered to the public is stored andtransmitted, instantaneously or otherwise to or from an association terminal orterminals controlled or used by or with other parties; and the establishmentand use of such a device or machine shall not be deemed to constitute a branchoffice and the capital requirements and standards for approval of a branchoffice as set forth in the statutes and regulations, shall not be applicable tothe establishment of any such off‑premises terminal, device or machine;and associations may through mutual consent share on‑premises unmannedautomated teller machines and cash dispensers. The Commissioner of Banks mayprescribe rules and regulations with regard to the application for permissionfor use, maintenance and supervision of said terminals, devices and machines;
(2) Subject to suchregulations as the Commissioner of Banks may prescribe, a state‑charteredassociation is authorized to issue credit cards, extend credit in connectiontherewith, and otherwise engage in or participate in credit card operations;
(3) Subject to suchregulations as the Commissioner of Banks may prescribe, a state‑charteredassociation may act as a trustee, executor, administrator, guardian or in anyother fiduciary capacity permitted for federal savings and loan associations;
(4) a. Inaccordance with rules and regulations issued by the Commissioner of Banks,mutual capital certificates may be issued by state‑chartered associationsand sold directly to subscribers or through underwriters, and such certificatesshall constitute part of the general reserve and net worth of the issuingassociation. The Commissioner of Banks, in the rules and regulations relatingto the issuance and sale of mutual capital certificates, shall provide thatsuch certificates:
1. Shall be subordinateto all savings accounts, savings certificates, and debt obligations;
2. Shall constitute aclaim in liquidation on the general reserves, surplus and undivided profits ofthe association remaining after the payment of all savings accounts, savingscertificates, and debt obligations;
3. Shall be entitled tothe payment of dividends; and
4. May have a fixed orvariable dividend rate.
b. The Commissioner ofBanks shall provide in the rules and regulations for charging losses to themutual capital certificate, reserves, and other net worth accounts.
(b) To such extent asthe Commissioner of Banks may authorize by regulation or advice in writing, aState association may issue notes, bonds, debentures, or other obligations orsecurities. (1981,c. 282, s. 3; 1983, c. 144, s. 16; 1989 (Reg. Sess., 1990), c. 806, s. 7; 2001‑193,s. 16.)
§ 54B‑77. Certainpowers granted to State associations.
(a) In addition to thepowers granted under this Chapter, any savings and loan associationincorporated or operated under the provisions of this Chapter is hereinauthorized to:
(1) Establish off thepremises of any principal office or branch a customer communications terminal,point‑of‑sale terminal, automated teller machine, automated orother direct or remote information‑processing device or machine, whethermanned or unmanned, through or by means of which funds or information relatingto any financial service or transaction rendered to the public is stored andtransmitted, instantaneously or otherwise to or from an association terminal orterminals controlled or used by or with other parties; and the establishmentand use of such a device or machine shall not be deemed to constitute a branchoffice and the capital requirements and standards for approval of a branchoffice as set forth in the statutes and regulations, shall not be applicable tothe establishment of any such off‑premises terminal, device or machine;and associations may through mutual consent share on‑premises unmannedautomated teller machines and cash dispensers. The Commissioner of Banks mayprescribe rules and regulations with regard to the application for permissionfor use, maintenance and supervision of said terminals, devices and machines;
(2) Subject to suchregulations as the Commissioner of Banks may prescribe, a state‑charteredassociation is authorized to issue credit cards, extend credit in connectiontherewith, and otherwise engage in or participate in credit card operations;
(3) Subject to suchregulations as the Commissioner of Banks may prescribe, a state‑charteredassociation may act as a trustee, executor, administrator, guardian or in anyother fiduciary capacity permitted for federal savings and loan associations;
(4) a. Inaccordance with rules and regulations issued by the Commissioner of Banks,mutual capital certificates may be issued by state‑chartered associationsand sold directly to subscribers or through underwriters, and such certificatesshall constitute part of the general reserve and net worth of the issuingassociation. The Commissioner of Banks, in the rules and regulations relatingto the issuance and sale of mutual capital certificates, shall provide thatsuch certificates:
1. Shall be subordinateto all savings accounts, savings certificates, and debt obligations;
2. Shall constitute aclaim in liquidation on the general reserves, surplus and undivided profits ofthe association remaining after the payment of all savings accounts, savingscertificates, and debt obligations;
3. Shall be entitled tothe payment of dividends; and
4. May have a fixed orvariable dividend rate.
b. The Commissioner ofBanks shall provide in the rules and regulations for charging losses to themutual capital certificate, reserves, and other net worth accounts.
(b) To such extent asthe Commissioner of Banks may authorize by regulation or advice in writing, aState association may issue notes, bonds, debentures, or other obligations orsecurities. (1981,c. 282, s. 3; 1983, c. 144, s. 16; 1989 (Reg. Sess., 1990), c. 806, s. 7; 2001‑193,s. 16.)
