Section 315 - Miscellaneous and incidental banking powersAn institution shall have, subject to the limitations and restrictions contained in this act:
(a) Letters of credit--the power to issue, advise and confirm letters of credit authorizing the beneficiaries thereof to draw upon the institution or its correspondents;(b) Money for transmission--the power to receive money for transmission;(c) Membership in clearing house--the power to become a member of a clearing house association and to pledge assets required for its qualification;(d) Exchange, coin, bullion--the power to buy and sell exchange, coin and bullion;(e) Municipal and mortgage-related securities--with the prior approval of the department the power to deal in and underwrite municipal and mortgage-related securities to the extent permitted for a savings bank under section 502(f);(f) Ownership interests in real estate--the power to acquire or maintain ownership interests in improved or unimproved real estate of any type held for development, rental or sale, subject to the prudent man rule of section 504(c), provided that the development shall be completed within five years of the commencement of the development unless that period is extended by the department, and provided that the direct cost of the total of all such ownership interests shall not exceed one percent of the assets of the institution measured at the time investment is made, unless authorized by the department;(g) Other investment--with the prior written approval of the department, the power to make investments permitted by regulations promulgated by the department that are not otherwise authorized by this act or that do not comply with the conditions, restrictions, limitations or requirements provided elsewhere in this act, but the total amount of such investments may not exceed three percent of the assets of the institution; however, no one investment shall exceed one percent of assets of the institution. The regulations promulgated by the department may include such conditions, restrictions, limitations or requirements as the department deems necessary and appropriate;(h) Additional powers--the power to exercise any power a savings bank may exercise under sections 502(g) and 505(i) (with the written approval of the department and in accordance with any limitations or conditions prescribed by the department); and(i) Incidental powers--all powers incidental to the conduct of banking business.1965, Nov. 30, P.L. 847, No. 356, § 315. Amended 1988, Dec. 21, P.L. 1416, No. 173, § 3, effective in 30 days.