N.Y. Banking Law § 235-d

§ 235-d. Service corporations owned by savings banks; authorized\nactivities of such corporations; investment therein. 1. A savings bank\nmay invest in the stock, capital notes and debentures of one or more\nservice corporations organized under the laws of this state for the sole\nactivities set forth in subdivision two of this section, to the extent\nand upon such conditions as are or have been authorized by the\nsuperintendent of financial services, provided that all of the stock of\nsuch service corporations is, or is to be, owned by one or more savings\nbanks; and provided further, that no savings bank may make any\ninvestment under this section if its aggregate outstanding investment\nthereby, determined as prescribed by the superintendent of financial\nservices, would thereupon exceed three per centum of its assets.\n 2. The activities of such service corporations, performed directly or\nthrough one or more wholly owned subsidiaries, shall consist of\nrendering such services to savings banks and making such investments for\nitself and for savings banks as are authorized services and investments\nfor such savings banks under the provisions of this chapter, as well as\nsuch activities as may be prescribed by general regulation of the\nsuperintendent of financial services.\n