§ 96. General powers. Every bank and every trust company shall,\nsubject to the restrictions and limitations contained in this chapter,\nhave the following powers:\n 1. To discount, purchase and negotiate promissory notes, drafts, bills\nof exchange, other evidences of debt, and obligations in writing to pay\nin installments or otherwise all or part of the price of personal\nproperty or that of the performance of services; purchase accounts\nreceivable, whether or not they are obligations in writing; lend money\non real or personal security; borrow money and secure such borrowings by\npledging assets; buy and sell exchange, coin and bullion; and receive\ndeposits of moneys, securities or other personal property upon such\nterms as the bank or trust company shall prescribe; and exercise all\nsuch incidental powers as shall be necessary to carry on the business of\nbanking. For purposes of this subdivision, the term "accounts\nreceivable" shall not include the right to receive payment for property\nto be sold at a future date or services to be rendered at a future date.\n 2. To accept for payment at a future date, drafts drawn upon it by its\ncustomers and to issue letters of credit authorizing the holders thereof\nto draw upon it or its correspondents at sight or on time.\n 3. (a) To receive upon deposit for safe-keeping for hire upon terms\nand conditions to be prescribed by the bank or trust company, money,\nsecurities, papers of any kind and any other personal property;\n (b) To engage in the safe deposit business by renting vaults, safe\ndeposit boxes and other receptacles upon premises occupied by the bank\nor trust company, upon such terms and conditions as may be prescribed by\nthe bank or trust company.\n 4. To issue by its board of directors capital notes or debentures,\nwhen so specifically authorized by the superintendent, and, when so\nspecifically authorized by the superintendent, to receive in payment\ntherefor, in whole or in part, mortgages, interests therein or other\nproperty and to retain, unrecorded or unregistered, assignments or\nconveyances of such mortgages, interests therein or other property,\nprovided that the superintendent shall not approve the retention of any\nassignment of mortgage or interest therein or any conveyance of other\nproperty, which may be recorded or registered, without record or\nregistration thereof, except where such mortgage, interest therein or\nother property is assigned or conveyed by a corporation organized under\nthe banking law or by a corporation wholly owned by not less than twenty\nsavings banks of this state.\n 5. To become a member of a federal reserve bank, and to have and\nexercise all powers, not in conflict with the laws of this state, which\nare conferred upon any such member by the federal reserve act. Such bank\nor trust company and its directors, officers and stockholders shall\ncontinue to be subject, however, to all liabilities and duties imposed\nupon them by any law of this state and to all the provisions of this\nchapter relating to banks and trust companies.\n 6. To assume and discharge such obligations to Federal Deposit\nInsurance Corporation as may be necessary or required for the purpose of\nmaintaining deposit insurance in such corporation.\n 7. (a) To act as financial agent of the United States Government and\nas depositary of public money of the United States (including, without\nbeing limited to, revenues and funds of the United States, and any funds\nthe deposit of which is subject to the control or regulation of the\nUnited States or any of its officers, agents, or employees, and Postal\nSavings funds); and to perform all such reasonable duties as depositary\nof such public money and as financial agent of the United States\nGovernment as may be required of it; and to pledge assets or furnish\nother security, satisfactory in form and amount to the Secretary of the\nTreasury of the United States, for the safekeeping and prompt payment of\n
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