N.Y. Banking Law § 379-b: Service corporation owned by associations; authorized activities of such corporation; investment therein

§ 379-b. Service corporation owned by associations; authorized

activities of such corporation; investment therein. 1. A savings and

loan association may invest in the stock, capital notes and debentures

of a service corporation 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 corporation is, or is to be, owned by one or more savings

and loan associations; and provided further, that no savings and loan

association 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 corporation, performed directly or

through one or more wholly owned subsidiaries, shall consist of

rendering such services to savings and loan associations and making such

investments for itself and for savings and loan associations as are

authorized services and investments for such associations under the

provisions of this chapter as well as such activities as may be

prescribed by general regulation of the superintendent of financial

services.