§ 383 — Other powers

New York § 383

• Jurisdiction: New York
• Law BNK: Banking
• Art. 10: Savings and Loan Associations

Text

§ 383. Other powers. Every savings and loan association shall, subject\nto the restrictions and limitations contained in this chapter, have the\nfollowing powers: 1. To become a member of the Savings and Loan Bank of\nthe State of New York; to exercise such powers as may be conferred upon\nmember associations of such Savings and Loan Bank; and to perform such\nduties and obligations as may be lawfully required of such member\nassociations.\n 2. To become a member of a federal home loan bank; and to have and to\nexercise all powers, not in conflict with the laws of this state, which\nare conferred upon any such member by the federal home loan bank act.\nSuch savings and loan association and its directors and officers shall\ncontinue to be subject, however, to all liabilities and duties imposed\nupon them by any law of this state and to all provisions of this chapter\nrelating to savings and loan associations.\n 3. To assume and discharge such obligations to Federal Deposit\nInsurance Corporation as may be necessary or required for the purpose of\nmaintaining share insurance in such corporation.\n 4. To receive money for transmission and to transmit such money, and\nto sell money orders and travel checks as agent for any corporation,\nassociation or joint stock company empowered to sell such instruments\nthrough agents in the state of New York.\n 5. To service mortgages for others, and to render investment advice\nincidental to the purchase of and investment in mortgages by others,\nprovided, however, that the superintendent of financial services shall\nhave power to prescribe, by specific or general regulation, the extent\nto which and the conditions upon which such mortgages may be serviced\nand such investment advice may be rendered.\n 6. To service mortgages or to perform other services for the Federal\nNational Mortgage Association created under the housing act of nineteen\nhundred fifty-four, as amended from time to time, and to sell or assign\nmortgages to such association and in connection therewith to make\ncapital contributions thereto, purchase stock thereof, and do any and\nall other acts which under the laws and regulations applicable to such\nsales may be required to enable such sales to be effected.\n 7. To sue and to be sued in all courts and to participate in actions\nand proceedings, whether judicial, arbitrative or otherwise, in like\ncases as natural persons.\n 8. To have a corporate seal, and to alter such seal at pleasure, and\nto use it by causing it or a facsimile to be affixed or impressed or\nreproduced in any other manner.\n 9. To make donations, irrespective of corporate benefit, for the\npublic welfare or for community fund, hospital, charitable, educational,\nscientific, civic or similar purposes, and in time of war or other\nnational emergency in aid thereof.\n 10. To elect or appoint officers, employees and other agents of the\nsavings and loan association, define their duties, fix their\ncompensation, and to indemnify corporate personnel.\n 11. To have perpetual existence.\n 12. To execute and deliver such guaranties as may be incidental or\nusual in the transfer of investment securities.\n 13. To receive and repay demand deposits subject to those provisions\napplicable to such deposits, in the case of savings banks under section\ntwo hundred thirty-seven of this chapter, including, subject to\nregulation by the superintendent of financial services, the power to\ncharge for maintaining a demand deposit account or for honoring checks\ndrawn on or accepting deposits made to such an account.\n The superintendent of financial services shall have the power to\nprescribe by regulation (a) the maximum charge which may be imposed in\nthis state by a savings and loan association in connection with a check\nor other written order drawn upon it on insufficient funds, irrespective\nof whether the instrument is paid, accepted or returned by the bank, and\n(b) the maximum charge which may be imposed in this state by a savings\nand loan association in connection with a check or other written order\nreceived by it for deposit or collection and subsequently dishonored and\nreturned for any reason by the drawee.\n 14. To have and exercise all other powers necessary or appropriate in\nconducting the business of a savings and loan association.\n 15. Subject to such regulations as the superintendent of financial\nservices finds to be necessary and proper, and notwithstanding any other\nprovision of law, to accept federal tax and loan accounts, the balance\nof which are payable on demand without previous notice of intended\nwithdrawal and to pledge collateral to secure such accounts.\n 16. Subject to any limitations or other specific provisions contained\nin this chapter or any other statute of this state or its organization\ncertificate, and as shall be appropriate in conducting the business of\nthe corporation, and only for such activities which are authorized by\nthis chapter for savings and loan associations: to be a promoter,\npartner, member, associate or manager of other business enterprises or\nventures, or to the extent permitted in any other jurisdiction to be an\nincorporator of other corporations of any type or kind.\n 17. To engage in a "savings promotion" in accordance with section\nnine-v of this chapter and subject to any regulations promulgated by the\nsuperintendent. The superintendent shall consult with the state gaming\ncommission before proposing any such regulations or any amendments\nthereto. Such regulations shall ensure that:\n a. no participant in a savings promotion is charged any fee that would\nconstitute, directly or indirectly, consideration for participation in\nsuch savings promotion; and\n b. no participant in a savings promotion foregoes, directly or\nindirectly, any interest that would constitute consideration for\nparticipation in such savings promotion.\n