New York Codes, Rules and Regulations
Title 3 - BANKING
Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT
Part 77 - Investments In Commercial, Corporate And Business Loans By Savings Banks And Savings And Loan Associations; Leasing Transactions; Letters Of Credit
Section 77.1 - Explanatory note

Universal Citation: 3 NY Comp Codes Rules and Regs ยง 77.1
Current through Register Vol. 46, No. 12, March 20, 2024

Sections 235(8-c) and 380-k of the Banking Law permit savings banks and savings and loan associations to invest in promissory notes representing commercial, corporate or business loans subject to the individual and aggregate restrictions provided therein. Sections 235(28-b) and 380-j permit such institutions to acquire and lease personal property. Other provisions of the Banking Law empower such institutions to invest in loans secured by mortgages on commercial real estate, and such loans are often made to corporate obligors or other business entities. Moreover, such institutions may, under other provisions of law, invest in certain corporate interest-bearing securities. The authority to make the investments referred to in this section are additional authority and, except as specifically provided herein, shall not be deemed to limit the investment authority of such institutions which is provided under any other provision of law.

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