A trust company may:
(1) Act as fiscal or transfer agent of the United States or of any state, county, municipality, political subdivision or corporation, and in that capacity receive and disburse money; transfer, register and countersign certificates of stock, bonds or other evidence of indebtedness; authenticate and certify the bonds and certificates of indebtedness, and act as attorney-in-fact or agent of a person for any lawful purpose.
(2) Lease, hold, purchase and convey any real property necessary or convenient in the transaction of its business.
(3) Receive deposits of moneys, securities and other personal property in trust from any person and loan trust funds on real or personal securities.
(4) Act as trustee under any mortgage or bonds and accept and execute any lawful municipal or corporate trusts.
(5) Be appointed by a court and act as a fiduciary.
(6) Accept and execute any lawful trust.
(7) Rent receptacles for safe deposits of personal property and receive personal property upon deposit for safekeeping.
(8) Purchase, invest in and sell bills of exchange, bonds and mortgages, and other evidences of indebtedness.
(9) In the management of trust properties, discount and negotiate promissory notes, drafts, bills of exchange and other evidences of debt, and accept for payment at a future date drafts drawn upon it and issue letters of credit authorizing the holders to draw drafts upon it or its correspondents at sight or on time, not exceeding one year.
(10) Exercise all other powers given to trust companies under the Bank Act. [Amended by 1961 c.344 §106; 1973 c.797 §194; 1973 c.823 §141; 1974 c.36 §24; 1997 c.631 §210]
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