N.Y. BNK Law § 379

§ 379. Power to invest in securities. A savings and loan association\nmay invest its funds in the following securities: (1) Shares of the\nSavings and Loan Bank of the State of New York, in an amount not\nexceeding five per centum of the assets of such association at the time\nof such investment, except that such amount may exceed five per centum\nwith the written approval of the superintendent.\n (2) Capital stock of a federal home loan bank, in an amount not\nexceeding five per centum of the assets of such association at the time\nof such investment, except that such amount may exceed five per centum\nwith the written approval of the superintendent.\n (3) Obligations of the Savings and Loan Bank of the State of New York.\n (4) Bonds, debentures, consolidated debentures, or other obligations\nof a federal home loan bank or banks.\n (5) Securities, certificates of deposit and other accounts and\ncorporate obligations in which investments are authorized to be made by\nsavings banks subject to those limitations applicable to such\ninvestments in the case of savings banks, including, without limiting\nthe foregoing, investments made under the provisions of subdivision\nthirty of section two hundred thirty-five of this chapter.\n (6) Such additional investments as are authorized to be made by\nsavings banks by subdivision thirty-one of section two hundred\nthirty-five of this chapter, subject to those limitations applicable to\nsuch investments in the case of savings banks.\n (7) Such bonds or other evidences of indebtedness issued or guaranteed\nby the State of Israel as are approved by the comptroller of the\ncurrency for investment by national banks; provided, however, that the\nprincipal and interest payable thereon shall be payable in United States\ndollars; and provided that such investments may not exceed in the\naggregate five percent of the association's capital deposits, undivided\nprofits, surplus and reserves.\n