N.Y. Banking Law § 380-h: Trust powers

§ 380-h. Trust powers. 1. The superintendent of financial services is

authorized and empowered to grant permission to a savings and loan

association 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 association, 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 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 and loan

association, 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.