383 - Other powers.

§ 383. Other powers. Every savings and loan association shall, subject  to  the restrictions and limitations contained in this chapter, have the  following powers:    1. To become a member of the Savings and Loan Bank of the State of New  York;  to  exercise  such  powers  as  may  be  conferred  upon   member  associations  of  such Savings and Loan Bank; and to perform such duties  and obligations as may be lawfully required of such member associations.    2. To become a member of a federal home loan bank; and to have and  to  exercise  all powers, not in conflict with the laws of this state, which  are conferred upon any such member by the federal home  loan  bank  act.  Such  savings  and loan association and its directors and officers shall  continue to be subject, however, to all liabilities and  duties  imposed  upon them by any law of this state and to all provisions of this chapter  relating to savings and loan associations.    3.  To  assume  and  discharge  such  obligations  to  Federal Deposit  Insurance Corporation as may be necessary or required for the purpose of  maintaining share insurance in such corporation.    4. To receive money for transmission and to transmit such  money,  and  to  sell  money  orders  and travel checks as agent for any corporation,  association or joint stock company empowered to  sell  such  instruments  through agents in the state of New York.    5.  To  service  mortgages for others, and to render investment advice  incidental to the purchase of and investment  in  mortgages  by  others,  provided,  however, that the superintendent of banks shall have power to  prescribe, by specific or general regulation, the extent  to  which  and  the  conditions  upon  which  such  mortgages  may  be serviced and such  investment advice may be rendered.    6. To service mortgages or to perform other services for  the  Federal  National  Mortgage Association created under the housing act of nineteen  hundred fifty-four, as amended from time to time, and to sell or  assign  mortgages  to  such  association  and  in  connection  therewith to make  capital contributions thereto, purchase stock thereof, and  do  any  and  all  other  acts which under the laws and regulations applicable to such  sales may be required to enable such sales to be effected.    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 make donations,  irrespective  of  corporate  benefit,  for  the  public welfare or for community fund, hospital, charitable, educational,  scientific,  civic  or  similar  purposes,  and  in time of war or other  national emergency in aid thereof.    10. To elect or appoint officers, employees and other  agents  of  the  savings   and   loan   association,   define  their  duties,  fix  their  compensation, and to indemnify corporate personnel.    11. To have perpetual existence.    12. To execute and deliver such guaranties as  may  be  incidental  or  usual in the transfer of investment securities.    13.  To  receive and repay demand deposits subject to those provisions  applicable to such deposits, in the case of savings banks under  section  two   hundred  thirty-seven  of  this  chapter,  including,  subject  to  regulation by the banking board, the power to charge for  maintaining  a  demand  deposit  account  or  for  honoring checks drawn on or accepting  deposits made to such an account.    The banking board shall have the power to prescribe by regulation  (a)  the  maximum  charge which may be imposed in this state by a savings andloan association in connection with a check or other written order drawn  upon it on insufficient funds, irrespective of whether the instrument is  paid, accepted or returned by the bank, and (b) the maximum charge which  may  be  imposed  in  this  state  by  a savings and loan association in  connection with a check or  other  written  order  received  by  it  for  deposit  or  collection and subsequently dishonored and returned for any  reason by the drawee.    14. To have and exercise all other powers necessary or appropriate  in  conducting the business of a savings and loan association.    15.  Subject  to  such  regulations  as  the banking board finds to be  necessary and proper, and notwithstanding any other provision of law, to  accept federal tax and loan accounts, the balance of which  are  payable  on  demand  without previous notice of intended withdrawal and to pledge  collateral to secure such accounts.    16. Subject to any limitations or other specific provisions  contained  in  this  chapter or any other statute of this state or its organization  certificate, and as shall be appropriate in conducting the  business  of  the  corporation,  and  only for such activities which are authorized by  this chapter for savings  and  loan  associations:  to  be  a  promoter,  partner,  member,  associate or manager of other business enterprises or  ventures, or to the extent permitted in any other jurisdiction to be  an  incorporator of other corporations of any type or kind.