Section 379. Power to invest in securities

A savings and loan association
  may invest its funds in the following  securities:  (1)  Shares  of  the
  Savings  and  Loan  Bank  of  the  State  of  New York, in an amount not
  exceeding five per centum of the assets of such association at the  time
  of  such  investment, except that such amount may exceed five per centum
  with the written approval of the superintendent.
    (2) Capital stock of a federal  home  loan  bank,  in  an  amount  not
  exceeding  five per centum of the assets of such association at the time
  of such investment, except that such amount may exceed five  per  centum
  with the written approval of the superintendent.
    (3) Obligations of the Savings and Loan Bank of the State of New York.
    (4)  Bonds,  debentures, consolidated debentures, or other obligations
  of a federal home loan bank or banks.
    (5)  Securities,  certificates  of  deposit  and  other  accounts  and
  corporate  obligations in which investments are authorized to be made by
  savings  banks  subject  to  those  limitations   applicable   to   such
  investments  in  the  case of savings banks, including, without limiting
  the foregoing, investments made  under  the  provisions  of  subdivision
  thirty of section two hundred thirty-five of this chapter.
    (6)  Such  additional  investments  as  are  authorized  to be made by
  savings  banks  by  subdivision  thirty-one  of  section   two   hundred
  thirty-five  of this chapter, subject to those limitations applicable to
  such investments in the case of savings banks.
    (7) Such bonds or other evidences of indebtedness issued or guaranteed
  by the State of Israel  as  are  approved  by  the  comptroller  of  the
  currency  for  investment by national banks; provided, however, that the
  principal and interest payable thereon shall be payable in United States
  dollars; and provided that  such  investments  may  not  exceed  in  the
  aggregate  five percent of the association's capital deposits, undivided
  profits, surplus and reserves.