Section 2: Powers
136 words·~1 min read·
/ma/part-i/title-xxii/chapter-167d/2·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 2. Every bank in its banking department shall, subject to any limitations imposed by this chapter, have the following powers and whatever further incidental powers may fairly be implied from those expressly conferred and are reasonably necessary to enable it to exercise fully those powers according to common banking customs and usages:
(A)to receive deposits as authorized by this chapter; and
(B)to receive on deposit, storage or otherwise, money, government securities, stocks, bonds, coin, jewelry, plate, valuable papers and documents, evidences of debt and other property of any kind, upon such terms and conditions as may be agreed upon between the depositor and the bank and to collect and disburse, at the request of the depositor, the interest or income or principal of said property upon terms to be prescribed by such bank.