§ 235-d. Service corporations owned by savings banks; authorized
activities of such corporations; investment therein. 1. A savings bank
may invest in the stock, capital notes and debentures of one or more
service corporations 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
superintendent of financial services, provided that all of the stock of
such service corporations is, or is to be, owned by one or more savings
banks; and provided further, that no savings bank may make any
investment under this section if its aggregate outstanding investment
thereby, determined as prescribed by the superintendent of financial
services, would thereupon exceed three per centum of its assets.

2. The activities of such service corporations, performed directly or
through one or more wholly owned subsidiaries, shall consist of
rendering such services to savings banks and making such investments for
itself and for savings banks as are authorized services and investments
for such savings banks under the provisions of this chapter, as well as
such activities as may be prescribed by general regulation of the
superintendent of financial services.