§412:6-201  Powers granted under
federal law.  (a)  In this section "federal power" means any
activity, right, privilege, or immunity granted to a federal savings bank under
any federal statute, rule, regulation, interpretation or court decision.



(b)  Any savings bank desiring to acquire any
federal power shall file an application with the commissioner.  The application
shall indicate the applicable federal statute, rule, regulation, interpretation
or court decision, the extent of the federal power desired, the reasons for the
application, and any other information requested by the commissioner.  The
commissioner may by rule prescribe the form of application and application
filing fees.



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



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



(e)  The commissioner may suspend or revoke any
federal power granted under this section or under previous law if the
commissioner finds:



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



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



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