§ 98. Power to take and hold real estate; restrictions. 1. A bank or
trust company may purchase, hold, lease 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, and a building
or a portion or portions thereof for use by the bank or trust company in
its business, provided that the aggregate of all investments of any bank
or trust company in such plots and buildings and in a leased building or
a portion or portions thereof or in the stock, debentures or other
obligations of any corporation holding such plots or buildings and of
all loans to or upon the security of the stock of any such corporation
shall not exceed forty per centum of the aggregate of the capital stock,
surplus fund and undivided profits of such bank or trust company, except
with the approval of the superintendent. Any bank or trust company
having, prior to April twenty-third, nineteen hundred thirty-four, made
loans and investments in excess of the limitations prescribed by this
paragraph may retain any such loans and investments notwithstanding such
limitations.

(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) Such purchase, lease, conveyance or other acquisition or sale of
real property which is located outside the United States, its
territories and possessions, and which is used principally as the
residence of one or more directors, officers, or employees of the bank
or trust company as may be specifically approved by the superintendent.

(e) 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 a bank or trust company in a
single project shall not exceed one per centum of the assets or fifteen
per centum of the combined capital stock, surplus fund and undivided
profits of such bank or trust company, whichever is less, and the
aggregate of all investments of a bank or trust company in such projects
and investments in securities of any "subsidiary" of the New York state
urban development corporation, as defined in the New York state urban
development corporation act, shall not exceed five per centum of the
assets or seventy-five per centum of the combined capital stock, surplus
fund and undivided profits of such bank or trust company, whichever is
less.

2. All real estate purchased by any bank or trust company or taken by
it in settlement of debts due it, shall be conveyed to it in its 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. All such conveyances shall be
immediately recorded or registered in the office of the proper recording
officer of the county in which such real estate is located.