N.Y. General Associations Law § 6: Power to take and convey real property

§ 6. Power to take and convey real property. A joint-stock

association, in the name of its president, as such president, may

purchase, take, hold and convey such real property only,

1. As may be necessary for its immediate accommodation in the

convenient transaction of its business.

2. As may be mortgaged to it in good faith by way of security for

loans made by or moneys due to it.

3. As it may purchase at sales under judgments, decrees or mortgages

held by it.