N.Y. Banking Law § 383: Other powers

§ 383. Other powers. Every savings and loan association shall, subject

to the restrictions and limitations contained in this chapter, have the

following powers: 1. To become a member of the Savings and Loan Bank of

the State of New York; to exercise such powers as may be conferred upon

member associations of such Savings and Loan Bank; and to perform such

duties and obligations as may be lawfully required of such member

associations.

2. To become a member of a federal home loan bank; and to have and to

exercise all powers, not in conflict with the laws of this state, which

are conferred upon any such member by the federal home loan bank act.

Such savings and loan association and its directors and officers shall

continue to be subject, however, to all liabilities and duties imposed

upon them by any law of this state and to all provisions of this chapter

relating to savings and loan associations.

3. To assume and discharge such obligations to Federal Deposit

Insurance Corporation as may be necessary or required for the purpose of

maintaining share insurance in such corporation.

4. To receive money for transmission and to transmit such money, and

to sell money orders and travel checks as agent for any corporation,

association or joint stock company empowered to sell such instruments

through agents in the state of New York.

5. To service mortgages for others, and to render investment advice

incidental to the purchase of and investment in mortgages by others,

provided, however, that the superintendent of financial services shall

have power to prescribe, by specific or general regulation, the extent

to which and the conditions upon which such mortgages may be serviced

and such investment advice may be rendered.

6. To service mortgages or to perform other services for the Federal

National Mortgage Association created under the housing act of nineteen

hundred fifty-four, as amended from time to time, and to sell or assign

mortgages to such association and in connection therewith to make

capital contributions thereto, purchase stock thereof, and do any and

all other acts which under the laws and regulations applicable to such

sales may be required to enable such sales to be effected.

7. To sue and to be sued in all courts and to participate in actions

and proceedings, whether judicial, arbitrative or otherwise, in like

cases as natural persons.

8. To have a corporate seal, and to alter such seal at pleasure, and

to use it by causing it or a facsimile to be affixed or impressed or

reproduced in any other manner.

9. To make donations, irrespective of corporate benefit, for the

public welfare or for community fund, hospital, charitable, educational,

scientific, civic or similar purposes, and in time of war or other

national emergency in aid thereof.

10. To elect or appoint officers, employees and other agents of the

savings and loan association, define their duties, fix their

compensation, and to indemnify corporate personnel.

11. To have perpetual existence.

12. To execute and deliver such guaranties as may be incidental or

usual in the transfer of investment securities.

13. To receive and repay demand deposits subject to those provisions

applicable to such deposits, in the case of savings banks under section

two hundred thirty-seven of this chapter, including, subject to

regulation by the superintendent of financial services, the power to

charge for maintaining a demand deposit account or for honoring checks

drawn on or accepting deposits made to such an account.

The superintendent of financial services shall have the power to

prescribe by regulation (a) the maximum charge which may be imposed in

this state by a savings and loan association in connection with a check

or other written order drawn upon it on insufficient funds, irrespective

of whether the instrument is paid, accepted or returned by the bank, and

(b) the maximum charge which may be imposed in this state by a savings

and loan association in connection with a check or other written order

received by it for deposit or collection and subsequently dishonored and

returned for any reason by the drawee.

14. To have and exercise all other powers necessary or appropriate in

conducting the business of a savings and loan association.

15. Subject to such regulations as the superintendent of financial

services finds to be necessary and proper, and notwithstanding any other

provision of law, to accept federal tax and loan accounts, the balance

of which are payable on demand without previous notice of intended

withdrawal and to pledge collateral to secure such accounts.

16. Subject to any limitations or other specific provisions contained

in this chapter or any other statute of this state or its organization

certificate, and as shall be appropriate in conducting the business of

the corporation, and only for such activities which are authorized by

this chapter for savings and loan associations: to be a promoter,

partner, member, associate or manager of other business enterprises or

ventures, or to the extent permitted in any other jurisdiction to be an

incorporator of other corporations of any type or kind.

17. To engage in a "savings promotion" in accordance with section

nine-v of this chapter and subject to any regulations promulgated by the

superintendent. The superintendent shall consult with the state gaming

commission before proposing any such regulations or any amendments

thereto. Such regulations shall ensure that:

a. no participant in a savings promotion is charged any fee that would

constitute, directly or indirectly, consideration for participation in

such savings promotion; and

b. no participant in a savings promotion foregoes, directly or

indirectly, any interest that would constitute consideration for

participation in such savings promotion.