Nevada Revised Statutes 673.225 – Certain savings banks possess same powers and privileges as federal savings banks and foreign savings banks; federal law prevails in event of conflict with state law
1. Notwithstanding any other provision of this chapter, every savings bank licensed under the provisions of this chapter whose accounts are insured by the Federal Deposit Insurance Corporation or its successor, has the same rights, powers, privileges, immunities and exceptions which are possessed by any federal savings bank, including all such fiduciary powers that a federal savings bank is authorized to exercise, except as may be expressly denied or limited by the Commissioner after notice and a hearing.
Terms Used In Nevada Revised Statutes 673.225
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiduciary: A trustee, executor, or administrator.
2. Whenever additional rights, powers, privileges or exceptions are granted to any federal savings bank, including under principles of federal preemption, every savings bank licensed under the provisions of this chapter whose accounts are federally insured has those additional rights, powers, privileges or exceptions, except as may be expressly denied or limited by the Commissioner after notice and a hearing.
3. If federal law conflicts with any of the provisions of this chapter, except as otherwise provided by the Commissioner, the provisions of federal law shall prevail as to such conflict, and satisfaction of any obligations imposed under federal law by the savings bank shall be deemed to also satisfy the obligations of the savings bank under state law.
4. In addition to all powers otherwise granted by this chapter, every savings bank licensed under the provisions of this chapter has the powers, privileges and authorities granted by regulations promulgated under the Federal Deposit Insurance Act for foreign savings banks, except as may be expressly denied or limited by the Commissioner after notice and hearing.
5. A savings bank shall have any power reasonably incident, convenient or useful to the accomplishment of the powers conferred upon the savings bank by this chapter.