NY Banking L § 220 (2021)
2021 New York Laws BNK - Banking Article 5-A - New York Business Development Corporation 220 - Participation.

§ 220.  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, certificates of incorporation, or trust indentures:   1. All domestic corporations organized for the purpose of carrying  on business  within  this state, including, without implied limitation, any railroad or transportation  corporation,  and  all  trusts,  are  hereby authorized to acquire, purchase, hold, sell, assign, transfer, mortgage, pledge  or otherwise dispose of any bonds, securities or other evidences of indebtedness created by, or the shares of the capital  stock  of  the corporation established by this article 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;   2.  All  banking organizations are hereby authorized to become members of the corporation established by this article and to make loans to such corporation as provided herein;   3.  All  banking  organizations  are  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. The amount of capital stock of such corporation  which  any  banking  organization  is authorized  to acquire pursuant to the authority granted herein shall be in addition to the amount of capital stock in  corporations  which  such banking organization may otherwise be authorized to acquire.   * § 220.  Participation.  1. 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, certificates of incorporation, or trust indentures:  (a) All domestic corporations organized for the purpose of carrying on business within this state, including, without implied  limitation,  any railroad  or  transportation  corporation,  and  all  trusts, are hereby authorized to acquire, purchase, hold, sell, assign, transfer, mortgage, pledge or otherwise dispose of any bonds, securities or other  evidences of  indebtedness  created  by, or the shares of the capital stock of the corporation established by this article 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;  (b) All banking organizations are hereby authorized to become  members of the corporation established by this article and to make loans to such corporation as provided herein;  (c)  All  banking  organizations  are  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.  The  amount  of capital  stock  of  such  corporation  which any banking organization is authorized to acquire pursuant to the authority granted herein shall  be in  addition  to  the amount of capital stock in corporations which such banking organization may otherwise be authorized to acquire.   2. Notwithstanding the provisions of any  general,  special  or  local law, the notes and other interest-bearing obligations of the corporation  shall  be  legal investments for any fund defined in section one hundred seventy-six of the retirement and social security law; provided however, that  any  such  investment  shall  meet  the  criteria   contained   in subdivision seven of section one hundred seventy-seven of the retirement and  social  security  law,  and  shall  be made only pursuant to a loan agreement between such  fund  and  the  corporation.  Provided  further, however, that such agreement shall not permit loans exceeding the lesser of:  (i)  two  percent  of  the assets of such fund; or (ii) one hundred million dollars principal amount.   * NB Expired December 31, 1988