2023 New York Laws › BNK - Banking › Article 10 - Savings and Loan Associations › 381 - Power to Take and Hold Real Estate; Restrictions.

§ 381.  Power to take and hold real estate; restrictions. 1. A savings
and loan association may take, hold and convey real property as follows:
(a) A plot whereon there is or may be erected a  building  suitable  for
the  convenient  transaction of its business, from portions of which not
required for its own use a revenue may be derived, and  a  plot  whereon
parking  accommodations  are,  or  are  to be, provided, with or without
charge, primarily for its customers or employees or both; provided  that
the  aggregate of all investments of any savings and loan association in
such plots and buildings or in the bonds and mortgages upon  such  plots
or  buildings  shall  not  exceed  five per centum of the assets of such
association except with the approval of the superintendent.
(b) Such  as  shall  be  conveyed  to  it  in  satisfaction  of  debts
previously contracted in the course of its business.
(c)  Such  as  it  shall purchase at sales under judgments, decrees or
mortgages held by it.
(d) A whole or part interest in a "project" as defined in the New York
state urban development corporation act, pursuant  to  sections  six  or
eight  of  such act. An investment by an association in a single project
shall not exceed one per centum of the assets or ten per centum  of  the
net  worth  of such association, whichever is less, and the aggregate of
all investments of an association in such projects  and  investments  in
securities   pursuant   to   subparagraph  one-a  of  paragraph  (a)  of
subdivision twenty-one  of  section  two  hundred  thirty-five  of  this
chapter  shall  not  exceed  five  per centum of the assets or fifty per
centum of the net worth of such association, whichever is less. For  the
purposes  of  this subdivision, "net worth" of an association shall mean
the excess of its assets at book value, less  allocated  reserves,  over
known liabilities.
* (e) Improved or unimproved real property (either by purchase, lease,
exchange  or  otherwise),  or any interest therein, to erect, construct,
rebuild, enlarge, alter, improve, maintain, manage and operate buildings
or other improvements  of  any  description  thereon,  to  sell,  lease,
sublet,  mortgage,  exchange  or  otherwise dispose of same and execute,
perform  and  carry  out   contracts   for   construction,   alteration,
improvement, maintenance, management or repair thereof, to make loans in
connection  therewith,  as owner, co-owner or otherwise, subject to such
specific or general approvals and limitations as shall  be  required  by
regulations  promulgated  from  time  to  time  by the superintendent of
financial services pursuant to this paragraph; provided,  however,  that
no  activity  specified  herein  shall  be  undertaken  pursuant  to the
authority contained  in  this  paragraph  until  the  superintendent  of
financial   services   shall  have  issued  regulations  specifying  the
limitations and requirements which shall be imposed in  connection  with
the  investments  and  activities referred to herein, including, without
limitation, the consideration of such  savings  and  loan  association's
record  in  meeting  the  credit  needs  of local communities within the
meaning of section twenty-eight-b of this chapter.
* NB Expired June 30, 1988
2. All real estate purchased by any such association or taken by it in
settlement of debts due it, shall be conveyed to it directly by name or,
subject to such regulations and restrictions as  the  superintendent  of
financial services finds to be necessary and proper, may be taken in the
name  of  a  duly  authorized  nominee,  and  the conveyance immediately
recorded or registered in the office of the proper recording officer  of
the county in which such real estate is located.