§ 435 — General powers

New York § 435

• Jurisdiction: New York
• Law BNK: Banking
• Art. 10-B: Savings and Loan Bank of the State of New York

Text

§ 435. General powers. The savings and loan bank shall, subject to the\nrestrictions and limitations contained in this article and its by-laws,\nhave the following powers: 1. To issue, sell and redeem bonds and notes\nsecured by bonds and first mortgages made to or held by its members and\nto issue, sell and redeem debenture bonds and notes.\n 2. To receive money or property from its members and from other\nassociations, corporations and persons with whom it has contracts,\nengagements or undertakings, in instalments or otherwise; to enter into\nany contract, engagement or undertaking with such associations,\ncorporations or persons for the withdrawal of such money or property,\nwith any increase thereof, or for the payment to them or to any\nassociation, corporation or person of any sum of money, at any time,\neither fixed or uncertain; to lend money to its members upon the\nsecurity of their promissory notes with or without collateral.\n 3. To invest its capital and other funds in investments in which its\nmember savings and loan associations are authorized to invest under\narticle ten of this chapter; and in securities in which investments are\nauthorized to be made by savings banks.\n 4. To receive by assignment from its members and to deposit in trust\nwith the comptroller of the state of New York to be held by him as\nsecurity for its and their outstanding obligations any first mortgages\non real estate and the bonds secured thereby that are legally receivable\nby its members; to empower such members as agents of the savings and\nloan bank, to collect and immediately pay over to the savings and loan\nbank the dues, interest and other sums payable under the terms,\nconditions and covenants of the bonds and mortgages or, prior to a\ndefault upon any such bond and mortgage so assigned and when adequate\nsecurity has been given to the savings and loan bank by any such member,\nto retain such collections until a payment to the savings and loan bank\nfrom such member becomes due; to return to, or permit such member to\nretain any sums of money so collected in excess of the amount required\nto meet the obligations of such member.\n 5. To purchase in its own name, hold and convey real property for the\nfollowing purposes and no others: (a) A plot whereon there is or may be\nerected a building suitable for the convenient transaction of its\nbusiness from portions of which not required for its own use a revenue\nmay be derived.\n (b) Such as shall be mortgaged to it in good faith, by way of security\nfor loans made by it or moneys due to it.\n (c) Such as shall be conveyed to it for debts previously contracted in\nthe course of its business, and such as it shall purchase at sales under\njudgments, decrees or mortgages held by it.\n 6. To designate as depositaries of its funds any bank, trust company,\nor savings bank, or any national bank located in this state.\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 to\nuse it by causing it or a facsimile to be affixed or impressed or\nreproduced in any other manner.\n 9. To elect or appoint officers, employees and other agents of the\nsavings and loan bank, define their duties, fix their compensation, and\nto indemnify corporate personnel.\n 10. To have perpetual existence.\n 11. To have and exercise all other powers necessary or appropriate in\nconducting business of the savings and loan bank.\n