N.Y. Banking Law § 380-f: Power to make advances of federal funds

§ 380-f. Power to make advances of federal funds. A savings and loan

association may make advances of federal funds to commercial banks,

provided such advances are made on the condition that they be repaid on

the next business day following the day on which the advance is made.

For purposes of this section the term "federal funds" shall mean funds

which a savings and loan association has on deposit at a commercial bank

which are exchangeable for funds on deposit at a federal reserve bank;

the term "commercial bank" shall mean any bank, trust company, private

banker, national banking association, having its principal office in

this state; and the term "business day" shall mean any day on which the

savings and loan association, the commercial bank and the federal

reserve bank where the funds are on deposit are all open for general

business.