PART II. POWERS OF SAVINGS AND LOAN ASSOCIATIONS

 

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

(2)  Borrow money from any source within or withoutthe 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 authorizedby this chapter or by the commissioner under section 412:7-201, a savings andloan association shall not:

(1)  Employ its funds, directly or indirectly, intrade or commerce, by buying or selling ordinary goods, chattels, wares, andmerchandise, except as an incidental operation or when related to anotherpermitted activity, or by owning or operating industrial or manufacturingplants of any kind;

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

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

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