N.Y. Banking Law § 446: Exemptions

§ 446. Exemptions. The bonds and notes issued by the savings and loan

bank and the savings and loan bank itself, together with its capital,

accumulations and funds, shall have the same exemption from taxation as

other institutions for savings. No law which taxes corporations in any

form, or the shares thereof, or the accumulations therein, shall be

deemed to include the savings and loan bank or its issues of bonds or

notes unless they are specifically named in such law.