§ 380-h. Trust powers. 1. The superintendent of financial services is
authorized and empowered to grant permission to a savings and loan
association to exercise any or all of the powers specified in sections
one hundred, one hundred-a, one hundred-b and one hundred-c of this
chapter. In passing upon applications for permission to exercise any
such powers, the superintendent of financial services may take into
consideration the amount of surplus of the applying association, whether
or not such surplus is sufficient under the circumstances of the case,
the needs of the community to be served and any other facts and
circumstances that seem proper, and may grant or refuse it permission
accordingly.

2. Whenever the laws of this state require a trust company acting in a
fiduciary capacity to deposit securities with the state authorities for
the protection of private or court trusts, a savings and loan
association, so acting, is empowered to make similar deposits of
securities.

4. The superintendent of financial services is authorized to
promulgate such regulations as he or she may deem necessary or proper to
implement the provisions of this section and the proper exercise of the
powers granted by this section.