§ 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
superintendent of financial services, 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
superintendent of financial services, 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 superintendent of financial
services.