NY Banking L § 383 (2021)
2021 New York Laws BNK - Banking Article 10 - Savings and Loan Associations 383 - Other Powers.

§ 383. Other powers. Every savings and loan association shall, subject   to  the restrictions and limitations contained in this chapter, have the   following powers: 1. To become a member of the Savings and Loan Bank  of   the  State of New York; to exercise such powers as may be conferred upon   member associations of such Savings and Loan Bank; and to  perform  such   duties  and  obligations  as  may  be  lawfully  required of such member   associations.2. To become a member of a federal home loan bank; and to have and  to   exercise  all powers, not in conflict with the laws of this state, which   are conferred upon any such member by the federal home  loan  bank  act.   Such  savings  and loan association and its directors and officers shall   continue to be subject, however, to all liabilities and  duties  imposed   upon them by any law of this state and to all provisions of this chapter   relating to savings and loan associations.3.  To  assume  and  discharge  such  obligations  to  Federal Deposit   Insurance Corporation as may be necessary or required for the purpose of   maintaining share insurance in such corporation.4. To receive money for transmission and to transmit such  money,  and   to  sell  money  orders  and travel checks as agent for any corporation,   association or joint stock company empowered to  sell  such  instruments   through agents in the state of New York.5.  To  service  mortgages for others, and to render investment advice   incidental to the purchase of and investment  in  mortgages  by  others,   provided,  however,  that the superintendent of financial services shall   have power to prescribe, by specific or general regulation,  the  extent   to  which  and  the conditions upon which such mortgages may be serviced   and such investment advice may be rendered.6. To service mortgages or to perform other services for  the  Federal   National  Mortgage Association created under the housing act of nineteen   hundred fifty-four, as amended from time to time, and to sell or  assign   mortgages  to  such  association  and  in  connection  therewith to make   capital contributions thereto, purchase stock thereof, and  do  any  and   all  other  acts which under the laws and regulations applicable to such   sales may be required to enable such sales to be effected.7. To sue and to be sued in all courts and to participate  in  actions   and  proceedings,  whether  judicial,  arbitrative or otherwise, in like   cases as natural persons.8. To have a corporate seal, and to alter such seal at  pleasure,  and   to  use  it  by  causing it or a facsimile to be affixed or impressed or   reproduced in any other manner.9. To make donations,  irrespective  of  corporate  benefit,  for  the   public welfare or for community fund, hospital, charitable, educational,   scientific,  civic  or  similar  purposes,  and  in time of war or other   national emergency in aid thereof.10. To elect or appoint officers, employees and other  agents  of  the   savings   and   loan   association,   define  their  duties,  fix  their   compensation, and to indemnify corporate personnel.11. To have perpetual existence.12. To execute and deliver such guaranties as  may  be  incidental  or   usual in the transfer of investment securities.13.  To  receive and repay demand deposits subject to those provisions   applicable to such deposits, in the case of savings banks under  section   two   hundred  thirty-seven  of  this  chapter,  including,  subject  to   regulation by the superintendent of financial  services,  the  power  to   charge  for  maintaining a demand deposit account or for honoring checks   drawn on or accepting deposits made to such an account.The superintendent of financial  services  shall  have  the  power  to   prescribe  by  regulation (a) the maximum charge which may be imposed in    this state by a savings and loan association in connection with a  check   or other written order drawn upon it on insufficient funds, irrespective   of whether the instrument is paid, accepted or returned by the bank, and   (b)  the  maximum charge which may be imposed in this state by a savings   and loan association in connection with a check or other  written  order   received by it for deposit or collection and subsequently dishonored and   returned for any reason by the drawee.14.  To have and exercise all other powers necessary or appropriate in   conducting the business of a savings and loan association.15. Subject to such regulations as  the  superintendent  of  financial   services finds to be necessary and proper, and notwithstanding any other   provision  of  law, to accept federal tax and loan accounts, the balance   of which are payable on  demand  without  previous  notice  of  intended   withdrawal and to pledge collateral to secure such accounts.16.  Subject to any limitations or other specific provisions contained   in this chapter or any other statute of this state or  its  organization   certificate,  and  as shall be appropriate in conducting the business of   the corporation, and only for such activities which  are  authorized  by   this  chapter  for  savings  and  loan  associations:  to be a promoter,   partner, member, associate or manager of other business  enterprises  or   ventures,  or to the extent permitted in any other jurisdiction to be an   incorporator of other corporations of any type or kind.17. To engage in a "savings  promotion"  in  accordance  with  section   nine-v of this chapter and subject to any regulations promulgated by the   superintendent.  The  superintendent shall consult with the state gaming   commission before proposing  any  such  regulations  or  any  amendments   thereto. Such regulations shall ensure that:a. no participant in a savings promotion is charged any fee that would   constitute,  directly  or indirectly, consideration for participation in   such savings promotion; andb. no  participant  in  a  savings  promotion  foregoes,  directly  or   indirectly,   any  interest  that  would  constitute  consideration  for   participation in such savings promotion.