N.Y. Banking Law § 379: Power to invest in securities

§ 379. Power to invest in securities. A savings and loan association

may invest its funds in the following securities: (1) Shares of the

Savings and Loan Bank of the State of New York, in an amount not

exceeding five per centum of the assets of such association at the time

of such investment, except that such amount may exceed five per centum

with the written approval of the superintendent.

(2) Capital stock of a federal home loan bank, in an amount not

exceeding five per centum of the assets of such association at the time

of such investment, except that such amount may exceed five per centum

with the written approval of the superintendent.

(3) Obligations of the Savings and Loan Bank of the State of New York.

(4) Bonds, debentures, consolidated debentures, or other obligations

of a federal home loan bank or banks.

(5) Securities, certificates of deposit and other accounts and

corporate obligations in which investments are authorized to be made by

savings banks subject to those limitations applicable to such

investments in the case of savings banks, including, without limiting

the foregoing, investments made under the provisions of subdivision

thirty of section two hundred thirty-five of this chapter.

(6) Such additional investments as are authorized to be made by

savings banks by subdivision thirty-one of section two hundred

thirty-five of this chapter, subject to those limitations applicable to

such investments in the case of savings banks.

(7) Such bonds or other evidences of indebtedness issued or guaranteed

by the State of Israel as are approved by the comptroller of the

currency for investment by national banks; provided, however, that the

principal and interest payable thereon shall be payable in United States

dollars; and provided that such investments may not exceed in the

aggregate five percent of the association's capital deposits, undivided

profits, surplus and reserves.