N.Y. General Associations Law § 6

§ 6. Power to take and convey real property. A joint-stock\nassociation, in the name of its president, as such president, may\npurchase, take, hold and convey such real property only,\n 1. As may be necessary for its immediate accommodation in the\nconvenient transaction of its business.\n 2. As may be mortgaged to it in good faith by way of security for\nloans made by or moneys due to it.\n 3. As it may purchase at sales under judgments, decrees or mortgages\nheld by it.\n