§ 285. Powers which may be granted to trustee. In addition to such\nother powers as may be set forth in the agreement not inconsistent\nherewith or with the purposes of the fund, the trustee shall have such\nof the following powers as the agreement may provide:\n 1. To insure in whole or in part the deposits in member banks, subject\nto such terms and conditions as the agreement may provide.\n 2. To buy any assets owned by any member bank at the book value\nthereof notwithstanding such value may exceed the market value thereof,\nor such other value as the trustee may elect either with or without an\nagreement providing for the repurchase of the same at such price or\nvalue and at such time and subject to such conditions as may be agreed\nupon by the trustee in its discretion and to make loans or advances to\nany member bank upon such terms and conditions as may seem desirable and\nwith such security as the trustee may determine or without security; in\nany agreement of repurchase or repayment it may be provided that the\nsavings bank receiving such loan or advance or making such sale of\nassets may not be obligated to repay the same or repurchase such assets\nuntil the superintendent of financial services shall certify that such\nsavings bank is in a safe and sound condition to make such repurchase or\nrepayment.\n 3. To deposit all or any part of any moneys in said fund in any\nsavings bank or savings banks and such savings bank or savings banks may\nreceive the same notwithstanding the provisions of section two hundred\nthirty-seven of this act and/or in any one or more banks or trust\ncompanies organized under the laws of the state of New York selected by\nthe trustee with the approval of the superintendent, and such deposits\nin case of suspension or liquidation of any such depositary other than a\nsavings bank shall have the same priority as deposits of savings banks\npursuant to law. In the event of the liquidation of a savings bank which\nis such depositary, such deposits shall be subordinate to the claims of\nthe depositors in such bank but prior to all other claims except those\nof the state of New York or of the United States.\n 4. In addition to any other uses authorized herein and provided in the\nagreement, to invest and reinvest the fund in such securities and\nproperty as are legal for investment by savings banks subject to those\nlimitations applicable to such investments in the case of savings banks.\n 5. To make contributions to the surplus fund of any member bank upon\nsuch terms and conditions for the use and the repayment thereof and\nevidenced in such manner as the superintendent of financial services may\napprove, and such savings bank may make such repayment as such agreement\nmay provide notwithstanding any provisions of law; but no such agreement\nshall require such repayment except if, as and when the surplus and\nsurplus fund of such savings bank shall be not less than five per centum\nof the amount due its depositors nor shall any such agreement require\nany payment on account of such contribution in such an amount as to\nreduce the surplus and surplus fund of such savings bank below five per\ncentum of the amount owed its depositors. The agreement may provide the\nmanner in which the surplus and surplus fund shall be computed for the\npurpose of this subdivision. Such contributions shall not constitute a\nliability of such member bank except as herein provided.\n 6. If it shall appear by certificate of the superintendent of\nfinancial services filed in his office, that any member bank to which\nthe trustee with the approval of the superintendent has made any loan or\nadvance, or to the surplus fund of which it has made a contribution, or\nfrom which the trustee has purchased any asset at a price in excess of\nthe market value thereof, would but for such loan, advance, contribution\nor purchase be in such condition that the superintendent might take\npossession of the business and property of
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