2006 New York Code - 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  banking  board,  and subject to such
  conditions as the banking board 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 banking board,  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 and the  banking  board
  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.