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

(b)  Any savings bank desiring to acquire anyfederal power shall file an application with the commissioner.  The applicationshall indicate the applicable federal statute, rule, regulation, interpretationor court 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 savings banks may file an application if they desire thesame federal 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 savings bank has violated any conditionsimposed in connection with the grant of power; or

(2)  The savings bank has not begun to exercise suchpower within 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 savings bank notice of the proposed action and anopportunity to be heard. [L 1993, c 350, pt of §1]