2023 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; and
b. no  participant  in  a  savings  promotion  foregoes,  directly  or
  indirectly,   any  interest  that  would  constitute  consideration  for
  participation in such savings promotion.