New York General Associations Law
Sec.
§
6
Power to Take and Convey Real Property
A joint-stock association, in the name of its president, as such president, may purchase, take, hold and convey such real property only, 1. As may be necessary for its immediate accommodation in the convenient transaction of its business.
2.
As may be mortgaged to it in good faith by way of security for loans made by or moneys due to it.
3.
As it may purchase at sales under judgments, decrees or mortgages held by it.