Section 455. Trust powers

1. The banking board is authorized and empowered
  to grant permission to a credit union to exercise  any  or  all  of  the
  powers  specified  in sections one hundred, one hundred-a, one hundred-b
  and one hundred-c of this chapter.   In passing  upon  applications  for
  permission  to exercise any such powers, the banking board may take into
  consideration the amount of net worth  of  the  applying  credit  union,
  whether  or  not such net worth is sufficient under the circumstances of
  the case, the needs of the community to be served and  any  other  facts
  and  circumstances  that  seem  to it proper, and may grant or refuse it
  permission accordingly.
    2. Whenever the laws of this state require a trust company acting in a
  fiduciary capacity to deposit securities with the state authorities  for
  the protection of private or court trusts, a credit union, so acting, is
  required and empowered to make similar deposits of securities.
    3.  The  banking board is authorized to promulgate such regulations as
  it may deem necessary or proper to  implement  the  provisions  of  this
  section and the proper exercise of the powers granted by this section.