§ 4–206
Statutes in effect as of October 1, 2026.
Md. Code Ann., Fin. Inst. § 4-206 (2026)
Title 4. Banking Institutions -- Savings Banks
Subtitle 2. Formation and Powers
§ 4–206LinkCopy Citation
(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.