N.Y. Banking Law Section 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 § 237 (Deposits with savings banks)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 § 9-V (Savings promotion prize giveaway)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.

Source: Section 383 — Other powers, https://www.­nysenate.­gov/legislation/laws/BNK/383 (updated Oct. 26, 2018; accessed Jun. 15, 2024).

375
Incorporation
376
Proposed by-laws
377
When corporate existence begins
378
Power to issue shares
378‑A
Time deposits
378‑B
Club accounts
378‑C
Excelsior linked deposit program
378‑D
Preservation of books and records
378‑E
Water pollution control linked deposit program
379
Power to invest in securities
379‑B
Service corporation owned by associations
380
Power to make loans
380‑A
Power to purchase mortgage, loan or investment
380‑B
Power to purchase mortgages from mortgage holders
380‑C
Power to participate in certain loans and mortgage investments
380‑E
Effect of usury
380‑F
Power to make advances of federal funds
380‑G
Power to engage in line of credit financing of residential real estate
380‑H
Trust powers
380‑I
Personal loan departments
380‑J
Authorization to acquire and lease personal property
380‑K
Investment in promissory notes
380‑L
Excelsior linked deposit program
380‑M
Water pollution control linked deposit program
381
Power to take and hold real estate
382
Power to borrow
382‑A
Power to act as trustee under self-employed retirement trust and of individual retirement account
382‑B
Power to issue certain obligations
383
Other powers
383‑A
Rental of safe deposit boxes
384
Entries in books
385
Surplus account
386
Profits
387
Credits to surplus account and undivided profits
388
Fines and penalties for failure to make payments on instalment shares
389
Matured shares
390
Withdrawal of unpledged shares
392
Retirement of shares
393
Repayment of mortgage loans
394
Joint shares
395
Alternative provisions relative to payment of interest to shareholders
396
Change of location
396‑A
Electronic facilities
396‑B
Acceptance of United States currency
397
Number, qualifications and disqualifications of directors
397‑A
Report to directors
398
Filling of vacancies in board of directors
398‑A
Forfeiture of office of director
398‑B
Duties of directors and officers
398‑C
Executive committee and other committees
399
Restrictions on directors and officers
399‑A
Restrictions on holding of certain offices by executive officers of federal savings banks and federal savings associations
400
Pensions
401
Official communications to be submitted to directors and noted in minutes
402
Amendment of articles of association and by-laws
403
Examination by directors
404
Reports to the superintendent
404‑A
Photographic reproduction of records
405
Annual report to shareholders
406
Charters conformed to this article
407
Exemptions
409
Conversion of a state savings and loan association into a federal savings and loan association
410
Conversion of a federal savings and loan association into a state savings and loan association
411
Conversion of a savings and loan association or federal savings and loan association into a savings bank
412
Conversion of federal savings institutions to state charter
413
Reciprocal interstate acquisitions

Accessed:
Jun. 15, 2024

Last modified:
Oct. 26, 2018

§ 383’s source at nysenate​.gov

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