Subject to restrictions contained in this chapter or in its articles, a bank shall have the power: To receive money or commercial paper for deposit and to provide by its rules or by agreement for the terms of withdrawal and interest thereon; To act as an agent to collect checks, drafts, and other items of […]
Any bank may: Become a member of the Federal Reserve System and conform to the rules and regulations of that system and the federal reserve bank of which it is a member; Become an insured bank pursuant to the Federal Deposit Insurance Act and take all action necessary to the maintenance of insured status thereunder; […]
Notwithstanding any other provision of law to the contrary and subject to such regulations as the department may prescribe, a bank may: Become the owner and lessor of personal property acquired upon the specific request and for the use of a customer and may incur such additional obligations as may be incident to becoming an […]
A bank may purchase and may sell participations in: One or more evidences of indebtedness or agreements for the payment of money, subject to regulations by the department; or Pools of evidences of indebtedness or agreements for the payment of money, subject to regulations by the department. The department may prohibit the sale of any […]
A bank may accept drafts upon it having not more than nine months’ sight to run arising out of transactions involving: The import or export of goods; The domestic shipment of goods, if secured by documents of title covering such goods; or The storage of readily marketable staples, if secured by documents of title covering […]
As used in this Code section, the term: “Credit exposure as a counterparty in derivative transactions” means an amount that the bank reasonably determines, pursuant to a methodology acceptable to the department under the terms of the derivative or otherwise, would be its loss if a counterparty were to default on the date of determination, […]
A bank shall make loans secured by improved or unimproved real estate (including a leasehold) subject to the provisions of Part 365 of the Federal Deposit Insurance Corporation’s rules and regulations, including 12 C.F.R. 365.1 and 365.2 and the Interagency Guidelines for Real Estate Lending Policies in Appendix A and 12 C.F.R. 208.51 and the […]
Notwithstanding the limitations of Code Section 7-1-288, a bank may purchase, sell, underwrite, and hold securities which are obligations in the form of bonds, notes, or debentures or mutual funds, investment trusts, or pools primarily consisting of such bonds, notes, or debentures, and may purchase, sell, and hold corporate debt obligations, to the extent authorized […]
A bank may engage in any transaction with respect to shares of stock or other capital securities of any corporation in accordance with this Code section and in other instances as provided in state or federal law. A bank may: Engage in transactions with respect to issuance and transfer of shares of its own stock […]
A bank may pledge or otherwise grant security interests in its assets to secure deposits of: Public funds; Funds of a pension fund for employees of a public body of the state; Funds for which a public body of the state or an officer or employee thereof or any court of law is the custodian […]
Except as authorized in subsection (b) of this Code section, in paragraph (10) of Code Section 7-1-260, and in paragraph (4) of Code Section 7-1-261, a bank shall not lend its credit, bind itself as a surety to indemnify another, or otherwise become a guarantor. A bank may act as a surety or guarantor if […]
Subject to the restrictions of subsection (c) of this Code section, a bank may borrow money and issue notes, debentures, or other obligations to evidence such borrowings. The following outstanding liabilities are not subject to the restrictions in this Code section: Liabilities to a federal reserve bank on account of money borrowed or rediscounts; Liabilities […]
Any bank may take, receive, reserve, and charge interest and fees on any loan, advance of money, or forbearance to enforce the collection of money at rates not exceeding the limits set by the laws of this state. Whenever such laws authorize a special interest or fee rate with respect to a designated type of […]
A bank desiring to be accorded treatment under this chapter as a savings bank or state savings and loan association shall so state in its articles. A savings bank or a state savings and loan association may apply to the department for permission to relinquish its status as a savings bank or state savings and […]
Notwithstanding any existing provisions of law relative to the time of maturity or presentment of negotiable instruments, any financial institution doing business in this state may, at its option, outside of regular banking hours on any day, or at any time on a day which is in whole or in part a holiday, pay, certify, […]
An operator of an automated teller machine in this state may charge a transaction fee to the customer using the machine. An agreement to share automated teller machines may not prohibit, limit, or restrict the right to charge such transaction fees and no such agreement may prohibit, limit, or restrict the right of one or […]
For purposes of this Code section, the term “federal power” means any banking or corporate power, right, benefit, privilege, or immunity of a national bank, the deposits of which are federally insured, that may be exercised by a national bank doing business in this state pursuant to the National Bank Act, 12 U.S.C. Section 1, […]
