N.Y. Banking Law § 508: General powers

§ 508. General powers. In addition to the powers conferred by article

fifteen of this chapter, an investment company may, subject to the

restrictions and limitations contained in this article, have the

following powers:

1. (a) To borrow and lend money, with or without real or personal

security; as principal or agent, to purchase, discount, acquire, invest

in, sell and dispose of bills of exchange, drafts, notes, acceptances

and other choses in action and obligations for the payment of money;

and, as principal or agent, to purchase, acquire, invest in, service,

sell and dispose of, and make loans upon the security of, bonds and

mortgages on real property situated in this state or outside this state.

(b) Pursuant to paragraph (a) of this subdivision, an investment

company may lend money at a rate or rates, and upon such terms and

conditions, as agreed to by such investment company and borrower.

2. To accept bills of exchange or drafts drawn upon it payable on

demand or on time not exceeding one year from the date of acceptance; to

issue letters of credit authorizing the holders thereof to draw upon it

or its correspondents at sight or on time; and to buy and sell coin,

bullion and exchange.

3. With the approval of the superintendent of financial services, and

subject to such conditions as the superintendent of financial services

shall impose,

(a) To act as financial agent of the United States government and as

depositary of public money of the United States (including, without

being limited to, revenues and funds of the United States, and any funds

the deposit of which is subject to the control or regulation of the

United States or any of its officers, agents, or employees); and to

perform all such reasonable duties as depositary of such public money

and as financial agent of the United States government as may be

required of it; and to pledge assets or furnish other security,

satisfactory in form and amount to the secretary of the treasury of the

United States, for the safekeeping and prompt payment of such public

money deposited with it and for the faithful performance of its duties

as financial agent of the United States government.

(b) To engage in the business of receiving deposits outside this

state.

(c) To receive money for transmission and to transmit the same from

the United States to any foreign country and from any foreign country to

the United States.

4. To establish branches pursuant to the provisions of article two of

this chapter; provided, however, that an investment company to which the

provisions of subdivision two of section thirty-six of this chapter are

inapplicable may establish branches, without applying and obtaining

authorization therefor under the provisions of article two of this

chapter, but such investment company shall not open any such branch

until it shall have notified the superintendent in writing of the place

where such branch is to be located.

5. To purchase, acquire, invest in and hold all or any of the stocks

of any corporation, domestic or foreign, and to sell and dispose of all

or any such stocks owned by it.

6. To exercise, subject to such regulations as may be issued from time

to time by the superintendent, through any branch office opened and

occupied outside the states of the United States and the District of

Columbia with the approval of the superintendent as provided in article

two of this chapter, such further powers as may be usual, in connection

with the transaction of the business permitted by this article, in the

place where such branch office shall transact business; provided that no

such branch office shall engage in the general business of producing,

distributing, buying or selling goods, wares, or merchandise.

The grant of powers to investment companies by or pursuant to this

section shall not be deemed to limit or restrict any other corporations,

heretofore or hereafter organized, in the exercise of their lawful

powers.