§ 381. Power to take and hold real estate; restrictions. 1. A savings
and loan association may take, hold and convey real property as follows:
(a) A plot whereon there is or may be erected a building suitable for
the convenient transaction of its business, from portions of which not
required for its own use a revenue may be derived, and a plot whereon
parking accommodations are, or are to be, provided, with or without
charge, primarily for its customers or employees or both; provided that
the aggregate of all investments of any savings and loan association in
such plots and buildings or in the bonds and mortgages upon such plots
or buildings shall not exceed five per centum of the assets of such
association except with the approval of the superintendent.

(b) Such as shall be conveyed to it in satisfaction of debts
previously contracted in the course of its business.

(c) Such as it shall purchase at sales under judgments, decrees or
mortgages held by it.

(d) A whole or part interest in a "project" as defined in the New York
state urban development corporation act, pursuant to sections six or
eight of such act. An investment by an association in a single project
shall not exceed one per centum of the assets or ten per centum of the
net worth of such association, whichever is less, and the aggregate of
all investments of an association in such projects and investments in
securities pursuant to subparagraph one-a of paragraph (a) of
subdivision twenty-one of section two hundred thirty-five of this
chapter shall not exceed five per centum of the assets or fifty per
centum of the net worth of such association, whichever is less. For the
purposes of this subdivision, "net worth" of an association shall mean
the excess of its assets at book value, less allocated reserves, over
known liabilities.

* (e) Improved or unimproved real property (either by purchase, lease,
exchange or otherwise), or any interest therein, to erect, construct,
rebuild, enlarge, alter, improve, maintain, manage and operate buildings
or other improvements of any description thereon, to sell, lease,
sublet, mortgage, exchange or otherwise dispose of same and execute,
perform and carry out contracts for construction, alteration,
improvement, maintenance, management or repair thereof, to make loans in
connection therewith, as owner, co-owner or otherwise, subject to such
specific or general approvals and limitations as shall be required by
regulations promulgated from time to time by the superintendent of
financial services pursuant to this paragraph; provided, however, that
no activity specified herein shall be undertaken pursuant to the
authority contained in this paragraph until the superintendent of
financial services shall have issued regulations specifying the
limitations and requirements which shall be imposed in connection with
the investments and activities referred to herein, including, without
limitation, the consideration of such savings and loan association's
record in meeting the credit needs of local communities within the
meaning of section twenty-eight-b of this chapter.

* NB Expired June 30, 1988

2. All real estate purchased by any such association or taken by it in
settlement of debts due it, shall be conveyed to it directly by name or,
subject to such regulations and restrictions as the superintendent of
financial services finds to be necessary and proper, may be taken in the
name of a duly authorized nominee, and the conveyance immediately
recorded or registered in the office of the proper recording officer of
the county in which such real estate is located.