2023 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.