N.Y. BNK Law § 220 — New York Code / Act BNK / Article 5-A / Section 220
Participation
Status: in_force

§ 220. Participation. Notwithstanding any rule at common law or any\nprovision of any general or special law or any provision in their\nrespective charters, agreements of association, articles of\norganization, certificates of incorporation, or trust indentures:\n  1. All domestic corporations organized for the purpose of carrying on\nbusiness within this state, including, without implied limitation, any\nrailroad or transportation corporation, and all trusts, are hereby\nauthorized to acquire, purchase, hold, sell, assign, transfer, mortgage,\npledge or otherwise dispose of any bonds, securities or other evidences\nof indebtedness created by, or the shares of the capital stock of the\ncorporation established by this article and, while owners of said stock,\nto exercise all the rights, powers and privileges of ownership,\nincluding the right to vote thereon, all without the approval of any\nregulatory authority of this state;\n  2. All banking organizations are hereby authorized to become members\nof the corporation established by this article and to make loans to such\ncorporation as provided herein;\n  3. All banking organizations are hereby authorized to acquire,\npurchase, hold, sell, assign, transfer, mortgage, pledge, or otherwise\ndispose of any bonds, securities or other evidences of indebtedness\nissued by such corporation or the shares of its capital stock, and while\nowners of said stock, to exercise all the rights, powers and privileges\nof ownership, including the right to vote thereon, all without the\napproval of any regulatory authority of this state. The amount of\ncapital stock of such corporation which any banking organization is\nauthorized to acquire pursuant to the authority granted herein shall be\nin addition to the amount of capital stock in corporations which such\nbanking organization may otherwise be authorized to acquire.\n  * § 220. Participation. 1. Notwithstanding any rule at common law or\nany provision of any general or special law or any provision in their\nrespective charters, agreements of association, articles of\norganization, certificates of incorporation, or trust indentures:\n  (a) All domestic corporations organized for the purpose of carrying on\nbusiness within this state, including, without implied limitation, any\nrailroad or transportation corporation, and all trusts, are hereby\nauthorized to acquire, purchase, hold, sell, assign, transfer, mortgage,\npledge or otherwise dispose of any bonds, securities or other evidences\nof indebtedness created by, or the shares of the capital stock of the\ncorporation established by this article and, while owners of said stock,\nto exercise all the rights, powers and privileges of ownership,\nincluding the right to vote thereon, all without the approval of any\nregulatory authority of this state;\n  (b) All banking organizations are hereby authorized to become members\nof the corporation established by this article and to make loans to such\ncorporation as provided herein;\n  (c) All banking organizations are hereby authorized to acquire,\npurchase, hold, sell, assign, transfer, mortgage, pledge, or otherwise\ndispose of any bonds, securities or other evidences of indebtedness\nissued by such corporation or the shares of its capital stock, and while\nowners of said stock, to exercise all the rights, powers and privileges\nof ownership, including the right to vote thereon, all without the\napproval of any regulatory authority of this state. The amount of\ncapital stock of such corporation which any banking organization is\nauthorized to acquire pursuant to the authority granted herein shall be\nin addition to the amount of capital stock in corporations which such\nbanking organization may otherwise be authorized to acquire.\n  2. Notwithstanding the provisions of any general, special or local\nlaw, the notes and other interest-bearing obligations of the corporation\nshall be legal investments for any fund defined in section one hundred\nseventy-six of the retirement and social security law; provided however,\nthat any such investment shall meet the criteria contained in\nsubdivision seven of section one hundred seventy-seven of the retirement\nand social security law, and shall be made only pursuant to a loan\nagreement between such fund and the corporation. Provided further,\nhowever, that such agreement shall not permit loans exceeding the lesser\nof: (i) two percent of the assets of such fund; or (ii) one hundred\nmillion dollars principal amount.\n  * NB Expired December 31, 1988\n