§ 54C-146. Certain powers granted to State savings banks.
§ 54C‑146. Certainpowers granted to State savings banks.
(a) In addition to thepowers granted under this Chapter, but subject to any rules that theCommissioner of Banks may prescribe, a savings bank incorporated or operatedunder this Chapter may:
(1) Establish off thepremises of any principal office or branch a customer communications terminal,point of sale terminal, automated teller machine, automated or other direct orremote information processing device or machine, whether manned or unmanned, throughor by means of which funds or information relating to any financial service ortransaction rendered to the public is stored and transmitted, instantaneouslyor otherwise to or from a savings bank terminal or terminals controlled or usedby or with other parties. The establishment and use of a device or machine isnot deemed to constitute a branch office, and the capital requirements andstandards for approval of a branch office as set forth in the statutes andregulations are not applicable to the establishment of any off‑premisesterminal, device or machine. Savings banks may, through mutual consent, shareon‑premises, unmanned, automated teller machines and cash dispensers.
(2) Issue credit cards,extend credit in connection therewith, and otherwise engage in or participatein credit card operations.
(3) Act as a trustee,executor, administrator, guardian, or in any other fiduciary capacity.
(4) Become a member of aclearing house association and pledge assets required for its qualification.
(5) a. Mutualcapital certificates may be issued by State‑chartered savings banks andsold directly to subscribers or through underwriters, and the certificatesshall constitute part of the general reserve and net worth of the issuingsavings bank. The Commissioner of Banks, in the rules relating to the issuanceand sale of mutual capital certificates, shall provide that the certificates:
1. Are subordinate toall savings accounts, savings certificates, and debt obligations;
2. Constitute a claimin liquidation on the general reserves, surplus and undivided profits of thesavings bank remaining after the payment of all savings accounts, savingscertificates, and debt obligations;
3. Are entitled to thepayment of dividends; and
4. May have a fixed orvariable dividend rate.
b. The Commissioner ofBanks shall provide in the rules for charging losses to the mutual capital,reserves, and other net worth accounts.
(b) To the extent thatthe Commissioner of Banks may authorize by rules, a savings bank may issuenotes, bonds, debentures, or other obligations or securities. (1991, c. 680, s. 1; 2001‑193,s. 16.)