Section 285. Powers which may be granted to trustee

In addition to such
  other powers as may be set  forth  in  the  agreement  not  inconsistent
  herewith  or  with the purposes of the fund, the trustee shall have such
  of the following powers as the agreement may provide:
    1. To insure in whole or in part the deposits in member banks, subject
  to such terms and conditions as the agreement may provide.
    2. To buy any assets owned by  any  member  bank  at  the  book  value
  thereof  notwithstanding such value may exceed the market value thereof,
  or such other value as the trustee may elect either with or  without  an
  agreement  providing  for  the  repurchase  of the same at such price or
  value and at such time and subject to such conditions as may  be  agreed
  upon  by  the trustee in its discretion and to make loans or advances to
  any member bank upon such terms and conditions as may seem desirable and
  with such security as the trustee may determine or without security;  in
  any  agreement  of  repurchase  or repayment it may be provided that the
  savings bank receiving such loan or  advance  or  making  such  sale  of
  assets  may not be obligated to repay the same or repurchase such assets
  until the superintendent of banks shall certify that such  savings  bank
  is in a safe and sound condition to make such repurchase or repayment.
    3.  To  deposit  all  or  any  part  of any moneys in said fund in any
  savings bank or savings banks and such savings bank or savings banks may
  receive the same notwithstanding the provisions of section  two  hundred
  thirty-seven  of  this  act  and/or  in  any  one or more banks or trust
  companies organized under the laws of the state of New York selected  by
  the  trustee  with the approval of the superintendent, and such deposits
  in case of suspension or liquidation of any such depositary other than a
  savings bank shall have the same priority as deposits of  savings  banks
  pursuant to law. In the event of the liquidation of a savings bank which
  is  such depositary, such deposits shall be subordinate to the claims of
  the depositors in such bank but prior to all other claims  except  those
  of the state of New York or of the United States.
    4. In addition to any other uses authorized herein and provided in the
  agreement,  to  invest  and  reinvest  the  fund  in such securities and
  property as are legal for investment by savings banks subject  to  those
  limitations applicable to such investments in the case of savings banks.
    5.  To  make contributions to the surplus fund of any member bank upon
  such terms and conditions for the use  and  the  repayment  thereof  and
  evidenced in such manner as the superintendent of banks may approve, and
  such  savings bank may make such repayment as such agreement may provide
  notwithstanding any provisions of  law;  but  no  such  agreement  shall
  require  such  repayment  except if, as and when the surplus and surplus
  fund of such savings bank shall be not less than five per centum of  the
  amount  due  its  depositors  nor  shall  any such agreement require any
  payment on account of such contribution in such an amount as  to  reduce
  the  surplus and surplus fund of such savings bank below five per centum
  of the amount owed its depositors. The agreement may provide the  manner
  in  which the surplus and surplus fund shall be computed for the purpose
  of this subdivision. Such contributions shall not constitute a liability
  of such member bank except as herein provided.
    6. If it shall appear by certificate of the  superintendent  of  banks
  filed  in his office, that any member bank to which the trustee with the
  approval of the superintendent has made any loan or advance, or  to  the
  surplus  fund  of  which  it  has made a contribution, or from which the
  trustee has purchased any asset at a price in excess of the market value
  thereof, would but for such loan, advance, contribution or  purchase  be
  in  such  condition that the superintendent might take possession of the
  business and property of the same pursuant to  law,  or  that  any  such
  member bank to which the trustee with the approval of the superintendent

  has  made  any  loan  or advance, or to the surplus fund of which it has
  made a contribution, or from which the trustee has purchased  any  asset
  at  a  price  in  excess of the market value thereof, or the deposits in
  which  have  been  insured  by  the  fund in whole or in part shall have
  committed such an act or is in such condition  that  the  superintendent
  might  take possession of the business and property of the same pursuant
  to law, the trustee shall have the right if it so elects,  and  in  such
  case  the  superintendent,  on such conditions and subject to such rules
  and regulations as he shall prescribe, shall permit the trustee to  take
  possession  and  control  forthwith of the property and business of such
  bank and operate and/or liquidate  the  same.  The  trustee  may,  while
  carrying  on  such  business,  pay  to such bank out of the moneys in or
  available to the fund such sums as the agreement may  authorize  as  the
  trustee deems necessary for the protection of the bank's depositors.
    7.  At  any  time  after  the  trustee  has  taken  over  the control,
  possession and operation of any savings bank, as provided in subdivision
  six hereof, it may, with the approval of the superintendent,  turn  back
  the  control,  possession  and  operation thereof to such bank which may
  continue or resume business, provided the moneys advanced from the  fund
  have  been  repaid  or  satisfactory arrangements made for the repayment
  thereof and the superintendent has certified such bank to be in  a  safe
  and  sound  condition  or  upon  such other conditions authorized in the
  agreement as may seem proper to the trustee.
    8. The trustee, with the approval of the superintendent of  banks  may
  at  any  time  after  it  has  taken  over  the  control, possession and
  operation of any bank  under  subdivision  six  hereof  discontinue  the
  business of such bank and proceed to liquidate its affairs.  The trustee
  may  use  the  assets  in  the fund to pay to the depositors of any such
  savings bank out of moneys in or available to the fund  the  excess,  if
  any,  or  such portion thereof as the agreement may provide, of the full
  amount of their respective deposits over the dividends received therefor
  on such liquidation.
    9. To carry out the provisions aforesaid, the trustee shall  have  and
  may  exercise  all  the rights, powers, privileges and franchises of any
  savings bank taken over by it, and at any time, with the approval of the
  superintendent of banks, to suspend the authority of the trustees of any
  savings bank and exercise the powers and duties of such trustees, and in
  addition to  the  foregoing,  in  the  event  it  shall  operate  and/or
  liquidate  any  such  savings bank it shall have and may exercise all of
  the rights and powers which  the  superintendent  of  banks  would  have
  pursuant  to  law in connection with the operation and/or liquidation of
  such bank and be  subject  to  the  same  duties  and  supervision.  The
  trustee, or any duly authorized agent of the trustee, in connection with
  the   operation  and/or  liquidation  of  any  such  bank  may  execute,
  acknowledge and deliver in the name of such bank, and under its seal, or
  may authorize any officer or officers  of  any  such  bank  to  execute,
  acknowledge  and deliver in the name of such bank and under its seal any
  instrument affecting or relating to the property, business or affairs of
  such bank, and in the event any such officer is  so  authorized  by  the
  trustee,  such  authorization  shall  be deemed the authorization of the
  board of trustees of such bank and he may  swear  or  affirm  the  usual
  certificate  of  acknowledgment  to the effect that he executed the same
  and such seal was affixed by the authority  of  the  board  of  trustees
  thereof.  Any instrument executed in any manner provided herein shall be
  valid and effectual for all purposes.
    10. To borrow money for the purpose of the fund and pledge any  assets
  in  the fund as security for such loans, and in connection therewith may

  rehypothecate any securities or collateral pledged to it by any  savings
  bank.
    11.  To  collect,  or  enforce  by legal proceedings if necessary, the
  contributions for which each member  bank  is  liable  pursuant  to  the
  provisions  of  the agreement, or any debt or obligation due to the fund
  or mortgage or lien held by the fund.