§ 381 — Power to take and hold real estate; restrictions

§ 381. Power to take and hold real estate; restrictions. 1. A savings\nand loan association may take, hold and convey real property as follows:\n(a) A plot whereon there is or may be erected a building suitable for\nthe convenient transaction of its business, from portions of which not\nrequired for its own use a revenue may be derived, and a plot whereon\nparking accommodations are, or are to be, provided, with or without\ncharge, primarily for its customers or employees or both; provided that\nthe aggregate of all investments of any savings and loan association in\nsuch plots and buildings or in the bonds and mortgages upon such plots\nor buildings shall not exceed five per centum of the assets of such\nassociation except with the approval of the superintendent.\n (b) Such as shall be conveyed to it in satisfaction of debts\npreviously contracted in the course of its business.\n (c) Such as it shall purchase at sales under judgments, decrees or\nmortgages held by it.\n (d) A whole or part interest in a "project" as defined in the New York\nstate urban development corporation act, pursuant to sections six or\neight of such act. An investment by an association in a single project\nshall not exceed one per centum of the assets or ten per centum of the\nnet worth of such association, whichever is less, and the aggregate of\nall investments of an association in such projects and investments in\nsecurities pursuant to subparagraph one-a of paragraph (a) of\nsubdivision twenty-one of section two hundred thirty-five of this\nchapter shall not exceed five per centum of the assets or fifty per\ncentum of the net worth of such association, whichever is less. For the\npurposes of this subdivision, "net worth" of an association shall mean\nthe excess of its assets at book value, less allocated reserves, over\nknown liabilities.\n * (e) Improved or unimproved real property (either by purchase, lease,\nexchange or otherwise), or any interest therein, to erect, construct,\nrebuild, enlarge, alter, improve, maintain, manage and operate buildings\nor other improvements of any description thereon, to sell, lease,\nsublet, mortgage, exchange or otherwise dispose of same and execute,\nperform and carry out contracts for construction, alteration,\nimprovement, maintenance, management or repair thereof, to make loans in\nconnection therewith, as owner, co-owner or otherwise, subject to such\nspecific or general approvals and limitations as shall be required by\nregulations promulgated from time to time by the superintendent of\nfinancial services pursuant to this paragraph; provided, however, that\nno activity specified herein shall be undertaken pursuant to the\nauthority contained in this paragraph until the superintendent of\nfinancial services shall have issued regulations specifying the\nlimitations and requirements which shall be imposed in connection with\nthe investments and activities referred to herein, including, without\nlimitation, the consideration of such savings and loan association's\nrecord in meeting the credit needs of local communities within the\nmeaning of section twenty-eight-b of this chapter.\n * NB Expired June 30, 1988\n 2. All real estate purchased by any such association or taken by it in\nsettlement of debts due it, shall be conveyed to it directly by name or,\nsubject to such regulations and restrictions as the superintendent of\nfinancial services finds to be necessary and proper, may be taken in the\nname of a duly authorized nominee, and the conveyance immediately\nrecorded or registered in the office of the proper recording officer of\nthe county in which such real estate is located.\n