N.Y. BNK Law § 379-B

§ 379-b. Service corporation owned by associations; authorized\nactivities of such corporation; investment therein. 1. A savings and\nloan association may invest in the stock, capital notes and debentures\nof a service corporation organized under the laws of this state for the\nsole activities set forth in subdivision two of this section, to the\nextent and upon such conditions as are or have been authorized by the\nsuperintendent of financial services, provided that all of the stock of\nsuch service corporation is, or is to be, owned by one or more savings\nand loan associations; and provided further, that no savings and loan\nassociation may make any investment under this section if its aggregate\noutstanding investment thereby, determined as prescribed by the\nsuperintendent of financial services, would thereupon exceed three per\ncentum of its assets.\n 2. The activities of such service corporation, performed directly or\nthrough one or more wholly owned subsidiaries, shall consist of\nrendering such services to savings and loan associations and making such\ninvestments for itself and for savings and loan associations as are\nauthorized services and investments for such associations under the\nprovisions of this chapter as well as such activities as may be\nprescribed by general regulation of the superintendent of financial\nservices.\n