Section 17:9A-27.23 - Additional powersIn addition to the powers conferred by the preceding sections of this act, a bank shall have power to do all, or some, or 1 of the following, whether or not such bank maintains a retirement plan or fund:
(1) pay premiums for insurance on the lives or health of its employees, under policies commonly known as group insurance policies;(2) pay premiums on behalf of its employees and their dependents, for hospitalization or hospital service insurance and for surgical and medical service insurance;(3) pay reasonable amounts to aid present or former employees who are disabled by accident, illness or otherwise;(4) pay salaries or wages in whole or in part, to employees who are disabled by accident, illness or otherwise;(5) pay the reasonable cost of educational and recreational facilities for employees, or for the promotion of their health and general welfare.L.1953, c.124, p.1319, s.23; amended by L.1962, c.234, s.7.