Section 96. General powers

Every  bank  and  every  trust company shall,
  subject to the restrictions and limitations contained in  this  chapter,
  have the following powers:
    1. To discount, purchase and negotiate promissory notes, drafts, bills
  of  exchange, other evidences of debt, and obligations in writing to pay
  in installments or otherwise all  or  part  of  the  price  of  personal
  property  or  that  of  the  performance  of services; purchase accounts
  receivable, whether or not they are obligations in writing;  lend  money
  on real or personal security; borrow money and secure such borrowings by
  pledging  assets;  buy  and sell exchange, coin and bullion; and receive
  deposits of moneys, securities or  other  personal  property  upon  such
  terms  as  the  bank  or trust company shall prescribe; and exercise all
  such incidental powers as shall be necessary to carry on the business of
  banking.  For  purposes  of  this  subdivision,   the   term   "accounts
  receivable"  shall not include the right to receive payment for property
  to be sold at a future date or services to be rendered at a future date.
    2. To accept for payment at a future date, drafts drawn upon it by its
  customers and to issue letters of credit authorizing the holders thereof
  to draw upon it or its correspondents at sight or on time.
    3. (a) To receive upon deposit for safe-keeping for  hire  upon  terms
  and  conditions  to  be  prescribed by the bank or trust company, money,
  securities, papers of any kind and any other personal property;
    (b) To engage in the safe deposit business  by  renting  vaults,  safe
  deposit  boxes  and other receptacles upon premises occupied by the bank
  or trust company, upon such terms and conditions as may be prescribed by
  the bank or trust company.
    4. To issue by its board of directors  capital  notes  or  debentures,
  when  so  specifically  authorized  by  the superintendent, and, when so
  specifically authorized by the superintendent,  to  receive  in  payment
  therefor,  in  whole  or  in part, mortgages, interests therein or other
  property and to  retain,  unrecorded  or  unregistered,  assignments  or
  conveyances  of  such  mortgages,  interests  therein or other property,
  provided that the superintendent shall not approve the retention of  any
  assignment  of  mortgage  or interest therein or any conveyance of other
  property, which  may  be  recorded  or  registered,  without  record  or
  registration  thereof,  except  where such mortgage, interest therein or
  other property is assigned or conveyed by a corporation organized  under
  the banking law or by a corporation wholly owned by not less than twenty
  savings banks of this state.
    5.  To  become  a  member  of  a federal reserve bank, and to have and
  exercise all powers, not in conflict with the laws of this state,  which
  are conferred upon any such member by the federal reserve act. Such bank
  or  trust  company  and  its  directors, officers and stockholders shall
  continue to be subject, however, to all liabilities and  duties  imposed
  upon  them  by  any  law of this state and to all the provisions of this
  chapter relating to banks and trust companies.
    6. To  assume  and  discharge  such  obligations  to  Federal  Deposit
  Insurance Corporation as may be necessary or required for the purpose of
  maintaining deposit insurance in such corporation.
    7.  (a)  To act as financial agent of the United States Government and
  as depositary of public money of the United States  (including,  without
  being limited to, revenues and funds of the United States, and any funds
  the  deposit  of  which  is  subject to the control or regulation of the
  United States or any of its officers, agents, or employees,  and  Postal
  Savings  funds); and to perform all such reasonable duties as depositary
  of such public money  and  as  financial  agent  of  the  United  States
  Government  as  may  be  required of it; and to pledge assets or furnish
  other security, satisfactory in form and amount to the Secretary of  the

  Treasury of the United States, for the safekeeping and prompt payment of
  such  public money deposited with it and for the faithful performance of
  its duties as financial agent of the United States Government.
    (b)  To  pledge assets or furnish other security, satisfactory in form
  and amount to judges of courts  of  bankruptcy,  for  the  repayment  of
  deposits of the money of estates under the national bankruptcy act.
    (c)  To  pledge assets or furnish other security, satisfactory in form
  and amount to the depositor, for the repayment of  moneys  held  in  the
  name  of  any  state  (which  term  shall include every territory of the
  United States, the District of Columbia, and the Commonwealth of  Puerto
  Rico), or of any foreign nation, or of any Indian nation or tribe, or of
  any  political  subdivision  or  instrumentality  or authority of any of
  them, when required to be secured by applicable law, decree,  regulation
  or  resolution,  and  to pledge assets or furnish other security for the
  repayment of moneys held as fiduciary, or in the name of a fiduciary, of
  any trust created by any such state, foreign nation,  Indian  nation  or
  tribe,  political  subdivision, instrumentality or authority as required
  by the terms of such trust; provided, however, that before any pledge or
  security is made or furnished to any depositor other than this state  or
  a political subdivision, instrumentality or authority of this state, the
  bank  or trust company shall obtain a certified or official copy of such
  law, decree, regulation, or resolution or trust requiring such pledge or
  other security, and an opinion of counsel that such pledge  or  security
  is  required  by  such  law, decree, regulation, or resolution or by the
  terms of such trust.
    9. To execute and deliver such guaranties  as  may  be  incidental  to
  carrying on the business of a bank or trust company.
    10.  To  exercise,  subject  to such regulations as may be issued from
  time to time by the banking board, through  any  foreign  branch  office
  (other  than  one  opened  or  occupied  in  another state of the United
  States, the District of Columbia, any territory of  the  United  States,
  Guam, American Samoa, the United States Virgin Islands, and the Northern
  Mariana   Islands)   opened  and  occupied  with  the  approval  of  the
  superintendent and the banking board as provided in section one  hundred
  five  of this chapter, such further powers as may be usual in connection
  with the transaction of the business of banking in the place where  such
  foreign  branch  office  shall  transact business, provided that no such
  foreign branch office shall engage in the general business of producing,
  distributing, buying or  selling  goods,  wares,  or  merchandise,  nor,
  except  with  respect  to securities issued by any foreign nation or any
  political subdivision, agency  or  instrumentality  thereof,  engage  or
  participate,  directly  or  indirectly, in the business of underwriting,
  selling or distributing securities.
    11. To designate one or more agents (except its employees) to issue or
  sell its travelers checks or money orders at locations  other  than  its
  principal  office  or  branch offices authorized pursuant to section one
  hundred five of this chapter, subject to such rules and  regulations  as
  the superintendent may make from time to time.
    12.  To  acquire  and  lease personal property, or to acquire personal
  property subject  to  an  existing  lease  together  with  the  lessor's
  interest  therein,  subject  to  such  limitations and conditions as the
  banking board may from time to time prescribe by general regulation.
    13. To reserve or order transportation, travel accommodations or other
  travel services.
    14. To arrange, purchase or sell loans secured by liens  on  interests
  in real estate, subject to such terms, conditions and limitations as may
  be prescribed by the superintendent by regulation.

    * 16.  In  addition  to  such  authority  as  is  contained in section
  ninety-eight of this chapter and  notwithstanding  any  limitations  set
  forth  therein,  to  purchase, lease, exchange or otherwise acquire real
  property, improved or unimproved, or any  interest  therein,  to  erect,
  construct,  rebuild,  enlarge,  alter,  improve,  maintain,  manage  and
  operate buildings or other improvements of any description  thereon,  to
  sell, lease, sublet, mortgage, exchange or otherwise dispose of same and
  execute,  perform  and carry out contracts for construction, alteration,
  improvement, maintenance, management or repair thereof, to make loans in
  connection therewith, as owner, co-owner or otherwise, subject  to  such
  specific  or  general  approvals and limitations as shall be required by
  regulations promulgated from time to time by the banking board  pursuant
  to  this  subdivision;  provided,  however,  that  no activity specified
  herein shall be undertaken pursuant to the authority contained  in  this
  subdivision  until  the  banking  board  shall  have  issued regulations
  specifying the limitations and requirements which shall  be  imposed  in
  connection  with  the  investments  and  activities  referred to herein,
  including, without limitation, the consideration of such bank  or  trust
  company's record in meeting the credit needs of local communities within
  the meaning of section twenty-eight-b of this chapter.
    * NB Expired June 30, 1988