New York Laws
Article 10-B - Savings and Loan Bank of the State of New York
435 - General Powers.

(b) Such as shall be mortgaged to it in good faith, by way of security
for loans made by it or moneys due to it.
(c) Such as shall be conveyed to it for debts previously contracted in
the course of its business, and such as it shall purchase at sales under
judgments, decrees or mortgages held by it.
6. To designate as depositaries of its funds any bank, trust company,
or savings bank, or any national bank located in this state.
7. To sue and to be sued in all courts and to participate in actions
and proceedings, whether judicial, arbitrative or otherwise, in like
cases as natural persons.
8. To have a corporate seal, and to alter such seal at pleasure and to
use it by causing it or a facsimile to be affixed or impressed or
reproduced in any other manner.
9. To elect or appoint officers, employees and other agents of the
savings and loan bank, define their duties, fix their compensation, and
to indemnify corporate personnel.
10. To have perpetual existence.
11. To have and exercise all other powers necessary or appropriate in
conducting business of the savings and loan bank.