A savings association has all the powers conferred by this chapter, or its charter or certificate of incorporation, both express and implied, and such other rights, privileges and powers as are incidental thereto or reasonably necessary or appropriate to the accomplishment of the purpose of the association. Among other rights, privileges and powers, and except as otherwise limited by the provisions of this chapter, a savings association may:
(1) Procure insurance of its real estate and other loans and of its savings accounts from any federal, state or private agency or corporation authorized to write such insurance and, in the exercise of such powers, may comply with any requirements of law or rule or order promulgated and execute any contracts and pay any premiums required in connection therewith.
(2) Be a member of a Federal Home Loan Bank, the Federal Deposit Insurance Corporation or any similar federal or state agency, and do all things required by federal or state law to obtain and continue such membership.
(3) Acquire savings and pay earnings thereon, and lend and invest its funds.
(4) Subject to compliance with the reserve requirements for demand deposits, receive demand deposits any time after the earliest of one of the following dates:
(a) When federal regulatory authorities eliminate the interest rate differentials between bank time accounts and federal association time accounts.
(b) When federal legislation is enacted permitting charters for federal associations to include demand deposit authority.
(c) When federal regulatory authorities permit demand deposits for federal associations.
(5) Subject to regulations of the United States Treasury Department, serve as depositories for federal taxes or as treasury tax and loan depositories, and satisfy any requirements in connection therewith including establishing tax and loan accounts and note accounts (which are not classified as savings accounts or savings deposits), which are subject to the right of immediate withdrawal or call, and may require pledging collateral.
(6) Participate in future and option transactions through regulated or recognized markets, subject to rules prescribed by the Director of the Department of Consumer and Business Services. [1975 c.582 §77; 1979 c.863 §4; 1997 c.631 §536; 1999 c.107 §14]
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