(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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