§412:7-201  Powers granted under
federal law.  (a)  In this section "federal power" means any
activity, right, privilege, or immunity granted to a federal savings and loan
association under any federal statute, rule, regulation, interpretation or
court decision.



(b)  Any savings and loan association 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 and loan associations 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 and loan association has
violated any conditions imposed in connection with the grant of power; or



(2)  The savings and loan association 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 and loan association notice of the proposed
action and an opportunity to be heard. [L 1993, c 350, pt of §1]