§412:5-201  Powers granted underfederal law.  (a)  In this section "federal power" means anyactivity, right, privilege, or immunity granted to a national bankingassociation under any federal statute, rule, regulation, interpretation orcourt decision.

(b)  Any bank desiring to acquire any federalpower, shall file an application with the commissioner.  The application shallindicate the applicable federal statute, rule, regulation, interpretation orcourt decision, the extent of the federal power desired, the reasons for theapplication, and any other information requested by the commissioner.  Thecommissioner may by rule prescribe the form of application and applicationfiling fees.

(c)  If the commissioner is satisfied that thepower should be granted, the commissioner shall issue a written approval of theapplication, subject to such terms and conditions as the commissioner deemsappropriate.  Other banks may file an application if they desire the samefederal power, but approval of any application need not be granted.  Anyfederal power granted pursuant to this section is in addition to, and not inlimitation of, any other provision of this chapter, and the federal power maybe exercised notwithstanding any other provision in this chapter.

(d)  If any federal power is terminated ormodified, the commissioner may terminate or make a similar modification to anycorresponding power granted under this section.

(e)  The commissioner may suspend or revoke anyfederal power granted under this section or under previous law if thecommissioner finds:

(1)  That the bank has violated any conditions imposedin connection with the grant of power; or

(2)  The bank has not begun to exercise such powerwithin one year of the date it was granted.

(f)  The commissioner shall retain jurisdictionover the enforcement of any power granted under this section or under previouslaw.  Any action under subsections (d) or (e) shall be taken only after thecommissioner has given the bank notice of the proposed action and an opportunityto be heard. [L 1993, c 350, pt of §1]