NY Banking L § 508 (2021)
2021 New York Laws BNK - Banking Article 12 508 - 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.