(a) Except as otherwise provided in this article, a savings bank has all of the general powers granted to Maryland corporations under the Maryland General Corporation Law.
(b) In addition to the powers set forth elsewhere in this article, a savings bank may:
(1) Receive deposits of money from:
(i) Any person;
(ii) The federal government or its agencies; and
(iii) Any state or its political subdivisions;
(2) Pledge collateral to secure the deposits of:
(i) The federal government or its agencies; or
(ii) Any state or its political subdivisions;
(3) On good security:
(i) Invest deposits; and
(ii) Make loans from deposits;
(4) Subject to § 4-603 of this title:
(i) Borrow money; and
(ii) Pledge its assets to secure the debt;
(5) Rent its vaults or safe-deposit boxes and, in accordance with the rental agreement, permit deposits of property;
(6) Subject to § 5-503 of this article, buy, hold, and convey real property;
(7) Subject to § 4-604 of this title, act as trustee under:
(i) The federal Self-Employed Individuals Tax Retirement Act of 1962; or
(ii) The federal Employee Retirement Income Security Act of 1974;
(8) With the prior approval of the Commissioner, exercise the powers granted under § 3-207 of this article to a trust company; and
(9) Exercise all of the powers usual in carrying on a business of savings banking.
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