2010 New York Code
BNK - Banking
Article 10 - (375 - 413) SAVINGS AND LOAN ASSOCIATIONS
379-B - Service corporation owned by associations; authorized activities of such corporation; investment therein.

§ 379-b.   Service   corporation  owned  by  associations;  authorized
  activities of such corporation; investment therein.  1.  A  savings  and
  loan  association  may invest in the stock, capital notes and debentures
  of a service corporation organized under the laws of this state for  the
  sole  activities  set  forth  in subdivision two of this section, to the
  extent and upon such conditions as are or have been  authorized  by  the
  banking   board,  provided  that  all  of  the  stock  of  such  service
  corporation is, or is to be, owned by  one  or  more  savings  and  loan
  associations; and provided further, that no savings and loan association
  may  make any investment under this section if its aggregate outstanding
  investment thereby, determined as prescribed by the banking board, would
  thereupon exceed three per centum of its assets.
    2. The activities of such service corporation, performed  directly  or
  through  one  or  more  wholly  owned  subsidiaries,  shall  consist  of
  rendering such services to savings and loan associations and making such
  investments for itself and for savings  and  loan  associations  as  are
  authorized  services  and  investments  for  such associations under the
  provisions of this  chapter  as  well  as  such  activities  as  may  be
  prescribed by general regulation of the banking board.