Section 435. General powers

The savings and loan bank shall, subject to the
  restrictions  and limitations contained in this article and its by-laws,
  have the following powers: 1. To issue, sell and redeem bonds and  notes
  secured  by bonds and first mortgages made to or held by its members and
  to issue, sell and redeem debenture bonds and notes.
    2. To receive money or  property  from  its  members  and  from  other
  associations,  corporations  and  persons  with  whom  it has contracts,
  engagements or undertakings, in instalments or otherwise; to enter  into
  any   contract,   engagement  or  undertaking  with  such  associations,
  corporations or persons for the withdrawal of such  money  or  property,
  with  any  increase  thereof,  or  for  the  payment  to  them or to any
  association, corporation or person of any sum of  money,  at  any  time,
  either  fixed  or  uncertain;  to  lend  money  to  its members upon the
  security of their promissory notes with or without collateral.
    3. To invest its capital and other funds in investments in  which  its
  member  savings  and  loan  associations  are authorized to invest under
  article ten of this chapter; and in securities in which investments  are
  authorized to be made by savings banks.
    4.  To  receive by assignment from its members and to deposit in trust
  with the comptroller of the state of New York  to  be  held  by  him  as
  security  for  its and their outstanding obligations any first mortgages
  on real estate and the bonds secured thereby that are legally receivable
  by its members; to empower such members as agents  of  the  savings  and
  loan  bank,  to collect and immediately pay over to the savings and loan
  bank the  dues,  interest  and  other  sums  payable  under  the  terms,
  conditions  and  covenants  of  the  bonds  and mortgages or, prior to a
  default upon any such bond and mortgage so assigned  and  when  adequate
  security has been given to the savings and loan bank by any such member,
  to  retain such collections until a payment to the savings and loan bank
  from such member becomes due; to return to, or  permit  such  member  to
  retain  any  sums of money so collected in excess of the amount required
  to meet the obligations of such member.
    5. To purchase in its own name, hold and convey real property for  the
  following  purposes and no others: (a) A plot whereon there is or may be
  erected a building  suitable  for  the  convenient  transaction  of  its
  business  from  portions of which not required for its own use a revenue
  may be derived.
    (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.