Section 502 - Additional powers related to conduct of business of savings banksA savings bank shall have, in addition to other powers granted by this act or its articles and subject to the limitations and restrictions contained in this act or in its articles:
(a) Membership in Federal Home Loan Bank-- The power to become a member of a Federal Home Loan Bank, to hold shares of stock therein, to take all actions incident to maintenance of such membership and to exercise all powers not inconsistent with provisions of this act conferred on such members by the Federal Home Loan Bank Act; (b) Money for transmission--The power to receive money for transmission to be forwarded through any person which is authorized by law to receive deposits and is subject to supervision by banking authorities of the United States or of any state;(c) Trusts for self-employed individuals--The power to act as trustee of funds or contributions received under a trust instrument conforming with the requirements of the Self-employed Individuals Tax Retirement Act and regulations thereunder and to invest such funds or contributions only in interest-bearing deposits in the savings bank;(d) Agency in securities transactions--The power to purchase and sell shares of stock and securities upon the order of and for the account of a customer and without recourse;(e) Investment advisor--The power to act as investment advisor to any management investment company registered under the Investment Company Act of 1940, whose shares are sold by such company only to depositors in savings banks incorporated under the laws of the United States, any state, the District of Columbia, a dependency or insular possession of the United States or the Commonwealth of Puerto Rico;(f) Underwriting of municipal and mortgage-related securities--With the prior approval of the department, the power to deal in and underwrite municipal securities and mortgage-related securities, as those terms are defined in section 3(a)(29) and (41) of the Securities Exchange Act of 1934 ( 15 U.S.C. § 78c(a)(29) and (41) ), securities that would be such mortgage-related securities if they were rated in one of the two highest rating categories by a nationally recognized rating organization, and securities offered and sold pursuant to section 4(5) of the Securities Act of 1933 ( 15 U.S.C. § 77d(5) );(g) Subsidiary powers--The power to undertake any activity permissible to a subsidiary of the savings bank with the written approval of the department and in accordance with any limitations or conditions prescribed by the department; and(h) Incidental powers--All powers incidental to the conduct of business of a savings bank.1965, Nov. 30, P.L. 847, No. 356, § 502. Amended 1973, Sept. 27, P.L. 253, No. 72, § 5, imd. effective; 1988, Dec. 21, P.L. 1416, No. 173, § 4, effective in 30 days.