N.Y. Banking Law § 235-d: Service corporations owned by savings banks; authorized activities of such corporations; investment therein

§ 235-d. Service corporations owned by savings banks; authorized

activities of such corporations; investment therein. 1. A savings bank

may invest in the stock, capital notes and debentures of one or more

service corporations organized under the laws of this state for the sole

activities set forth in subdivision two of this section, to the extent

and upon such conditions as are or have been authorized by the

superintendent of financial services, provided that all of the stock of

such service corporations is, or is to be, owned by one or more savings

banks; and provided further, that no savings bank may make any

investment under this section if its aggregate outstanding investment

thereby, determined as prescribed by the superintendent of financial

services, would thereupon exceed three per centum of its assets.

2. The activities of such service corporations, performed directly or

through one or more wholly owned subsidiaries, shall consist of

rendering such services to savings banks and making such investments for

itself and for savings banks as are authorized services and investments

for such savings banks under the provisions of this chapter, as well as

such activities as may be prescribed by general regulation of the

superintendent of financial services.