2014 New York Laws
BNK - Banking
Article 10-B - (432 - 446) SAVINGS AND LOAN BANK OF THE STATE OF NEW YORK
436 - Restrictions on powers.

 436. Restrictions on powers. The savings and loan bank shall not: 1.
  Do a general deposit business except with its members.
2.  Invest  more than twenty-five per centum of its surplus account in
  real estate occupied, or to be occupied, by it as a place  of  business,
  without the written approval of the superintendent.
3.  Incur  any indebtedness, except for the purpose of making loans to
  its members or purchasing from its members  those  investments  made  by
  them under article ten of this chapter, upon any bonds or notes, secured
  or  unsecured,  with a maturity exceeding three years or in an aggregate
  amount exceeding five times its capital.
4. Incur any indebtedness upon bonds or notes, secured  or  unsecured,
  for  the purpose of making loans to its members unless the amount of any
  such bonds or notes which are secured shall not be in excess  of  eighty
  per  centum  of the value of the collateral security pledged therefor to
  such savings and loan bank; and  any  such  bonds  or  notes  which  are
  unsecured shall not have a maturity in excess of three years.
5. Purchase from its members mortgage loans which were originated less
  than  five  years prior to date of such purchase, nor incur indebtedness
  for  the  purchase  from  its  members  of  mortgage  loans  which  were
  originated  five years or more prior to the date of such purchase by the
  issuance of bonds or  notes,  secured  or  unsecured,  with  a  maturity
  exceeding five years.