PART II. 
POWERS OF SAVINGS AND LOAN ASSOCIATIONS



 



§412:7-200  General powers.  (a)  Except
as expressly prohibited or limited by this chapter, a savings and loan
association shall have the power to solicit, accept and hold deposits, engage
in other activities which are usual or incidental to the business of a savings
and loan association, and shall have all rights, powers and privileges of a
corporation organized [under] the laws of this State including but not limited
to the power to:



(1)  Make loans and extensions of credit of any kind,
whether unsecured or secured by real or personal property of any kind or
description;



(2)  Borrow money from any source within or without
the State;



(3)  Enter into repurchase agreements;



(4)  Buy and sell foreign currency; and



(5)  Make investments as permitted under this article.



(b)  Except as otherwise expressly authorized
by this chapter or by the commissioner under section 412:7-201, a savings and
loan association shall not:



(1)  Employ its funds, directly or indirectly, in
trade or commerce, by buying or selling ordinary goods, chattels, wares, and
merchandise, except as an incidental operation or when related to another
permitted activity, or by owning or operating industrial or manufacturing
plants of any kind;



(2)  Own or control the capital stock of any other
corporation after July 1, 1994;



(3)  Deal in gold bullion, except a savings and loan
association may buy and sell gold coins minted by the United States Treasury;
or



(4)  Engage in any business for which a real estate
broker's license is required, in any business for which an insurance producer
license is required, or in any business of a securities broker or dealer.  This
prohibition shall not apply to the sale of credit life and other forms of
credit related insurance products and shall not affect previous licenses or
approvals granted to sell securities or non-credit related forms of insurance.
[L 1993, c 350, pt of §1; am L 2003, c 212, §11]