N.Y. Private Housing Finance Law § 313: Participation

§ 313. Participation. Notwithstanding any rule at common law or any

provision of any general or special law or any provision in their

respective charters, agreements of association, articles of organization

or certificates of incorporation:

1. All banking organizations, insurance and surety companies are

hereby authorized to become members of the corporation established by

this article and to make loans to such corporation as provided herein;

2. A banking organization which does not become a member of the

corporation established by this article shall not acquire any shares of

the capital stock of such corporation;

3. Each banking organization, insurance and surety company which

becomes a member of the corporation established by this article is

hereby authorized to acquire, purchase, hold, sell, assign, transfer,

mortgage, pledge, or otherwise dispose of any bonds, securities or other

evidences of indebtedness issued by such corporation or the shares of

its capital stock, and while owners of said stock, to exercise all the

rights, powers and privileges of ownership, including the right to vote

thereon, all without the approval of any regulatory authority of this

state; provided, however, that the amount of the capital stock of such

corporation which may be acquired by any member pursuant to the

authority granted herein, shall not exceed ten per centum of the loan

limit of such member as defined by section three hundred seven of this

article. The amount of capital stock of such corporation which any

member is authorized to acquire pursuant to the authority granted herein

shall be in addition to the amount of capital stock in corporations

which such member may otherwise be authorized to acquire.