§ 234. General powers. Every savings bank shall have, subject to the\nrestrictions and limitations contained in this chapter, the following\npowers:\n 1. To receive and repay deposits, including demand deposits; invest\nits funds; pay interest on deposits; and exercise all such incidental\npowers as shall be necessary to conduct the business of a savings bank,\nincluding, subject to regulation by the superintendent of financial\nservices, the power to charge for maintaining a demand deposit account\nor for honoring checks drawn on or accepting deposits made to such an\naccount.\n 1-a. Subject to such regulations and restrictions as the\nsuperintendent of financial services finds to be necessary and proper,\nto contract to receive time deposits, including deposits upon which the\nsavings bank contracts to pay interest at a fixed rate.\n 2. To issue transferable certificates showing the amounts contributed\nto the surplus fund by any incorporator or trustee. Each such\ncertificate shall contain a statement that the amount represented by it\ndoes not constitute a liability of such savings bank, except as provided\nin this article.\n 3. To acquire, hold, lease and convey real property.\n 4. To improve real property acquired by it when such improvements are\nnecessary to protect the interest of the savings bank therein and to\nfacilitate the sale thereof.\n 5. To borrow money for the purpose of repaying depositors and to\npledge or hypothecate its assets as collateral for any such loans.\n 5-a. Subject to such regulations and restrictions as the\nsuperintendent of financial services finds to be necessary and proper,\nto borrow money for purposes other than that of repaying depositors and\nto pledge or hypothecate its assets as collateral for any such loans.\n 5-b. Subject to such regulations and restrictions as the\nsuperintendent of financial services finds to be necessary and proper\nand notwithstanding any other provisions of law, to issue notes, bonds,\ndebentures, or other obligations or other securities subordinated to\ndeposits in such savings bank; provided that, unless the superintendent\nhas given prior approval otherwise, the aggregate principal amount\nthereof at the time of issuance shall not exceed twenty-five per cent of\nthe net worth of such savings bank, exclusive of all such notes, bonds,\ndebentures, or other obligations or other securities. The proceeds or\nother consideration derived by a savings bank from the issuance pursuant\nto this subdivision of any such notes, bonds, debentures, or other\nobligations or other securities shall be deemed for purposes of this\nchapter to constitute a part of the net worth of such savings bank.\n 5-c. To accept moneys deposited by the comptroller or the commissioner\nof taxation and finance as linked deposits pursuant to article fifteen\nof the state finance law and to enter into agreements, pledge assets or\nfurnish other security, including, but not limited to, an irrevocable\nletter of credit issued by a federal home loan bank, satisfactory in\nform and amount to such authorized depositor, for the repayment of such\nmoneys.\n 5-d. To accept moneys deposited by the comptroller or the commissioner\nof taxation and finance in a branch located in a banking development\ndistrict established pursuant to section ninety-six-d of this chapter\nand to enter into agreements, pledge assets or furnish other security,\nincluding, but not limited to an irrevocable letter of credit issued by\na federal home loan bank, satisfactory in form and amount to such\nauthorized depositor, for the repayment of such moneys.\n 5-e. To accept moneys deposited by the New York state environmental\nfacilities corporation as linked deposits pursuant to article sixteen of\nthe state finance law and to enter into agreements, pledge assets or\nfurnish other security, satisfactory in form and amount to the New York\nstate environmental facilities corporation, for the repayment of such\nmoneys.\n
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