N.Y. Banking Law § 234-b: Trust powers

§ 234-b. Trust powers. 1. The superintendent of financial services is

authorized and empowered to grant permission to a savings bank to

exercise any or all of the powers specified in sections one hundred, one

hundred-a, one hundred-b and one hundred-c of this chapter. In passing

upon applications for permission to exercise any such powers, the

superintendent of financial services may take into consideration the

amount of surplus of the applying savings bank, whether or not such

surplus is sufficient under the circumstances of the case, the needs of

the community to be served and any other facts and circumstances that

seem to it proper, and may grant or refuse it permission accordingly.

2. Whenever the laws of this state require a trust company acting in a

fiduciary capacity to deposit securities with the state authorities for

the protection of private or court trusts, a savings bank, so acting, is

empowered to make similar deposits of securities.

4. The superintendent of financial services is authorized to

promulgate such regulations as he or she may deem necessary or proper to

implement the provisions of this section and the proper exercise of the

powers granted by this section.