In addition to the powers conferred upon corporations by the general corporations law of this State, an industrial bank shall have the power to: [1975, c. 500, §1(NEW).]
1.Borrow and lend. Borrow and to lend money, and discount notes and bills of exchange including trade acceptances; [1975, c. 500, §1(NEW).]
2.Investments. Purchase, invest in, hold and sell such notes, bonds and securities as are legal for investments in accordance with the provisions of chapter 55. [1975, c. 500, §1(NEW).]
3.FHA insured loans. Make such loans as are eligible for insurance pursuant to Title I of the National Housing Act, as amended, and to apply for and obtain insurance on said loans pursuant to said Act. [1979, c. 663, §55(AMD).]
4.Certificates of investment. Sell certificates of investment, either of fixed or of uncertain term; and [1979, c. 663, §55(AMD).]
5.Branches. Establish branch or agency offices in accordance with chapter 33; provided that the powers set forth in subsection 4 may only be exercised at branch or agency offices authorized and doing business on or before June 1, 1967. [1975, c. 500, §1(NEW).]
1975, c. 500, § 1 (NEW) . 1979, c. 663, § 55 (AMD) .