Section 381. Power to take and hold real estate; restrictions

1. A savings
  and loan association may take, hold and convey real property as follows:
  (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, and  a  plot  whereon
  parking  accommodations  are,  or  are  to be, provided, with or without
  charge, primarily for its customers or employees or both; provided  that
  the  aggregate of all investments of any savings and loan association in
  such plots and buildings or in the bonds and mortgages upon  such  plots
  or  buildings  shall  not  exceed  five per centum of the assets of such
  association except with the approval of the superintendent.
    (b) Such  as  shall  be  conveyed  to  it  in  satisfaction  of  debts
  previously contracted in the course of its business.
    (c)  Such  as  it  shall purchase at sales under judgments, decrees or
  mortgages held by it.
    (d) A whole or part interest in a "project" as defined in the New York
  state urban development corporation act, pursuant  to  sections  six  or
  eight  of  such act. An investment by an association in a single project
  shall not exceed one per centum of the assets or ten per centum  of  the
  net  worth  of such association, whichever is less, and the aggregate of
  all investments of an association in such projects  and  investments  in
  securities   pursuant   to   subparagraph  one-a  of  paragraph  (a)  of
  subdivision twenty-one  of  section  two  hundred  thirty-five  of  this
  chapter  shall  not  exceed  five  per centum of the assets or fifty per
  centum of the net worth of such association, whichever is less. For  the
  purposes  of  this subdivision, "net worth" of an association shall mean
  the excess of its assets at book value, less  allocated  reserves,  over
  known liabilities.
    * (e) Improved or unimproved real property (either by purchase, lease,
  exchange  or  otherwise),  or any interest therein, to erect, construct,
  rebuild, enlarge, alter, improve, maintain, manage and operate buildings
  or other improvements  of  any  description  thereon,  to  sell,  lease,
  sublet,  mortgage,  exchange  or  otherwise dispose of same and execute,
  perform  and  carry  out   contracts   for   construction,   alteration,
  improvement, maintenance, management or repair thereof, to make loans in
  connection  therewith,  as owner, co-owner or otherwise, subject to such
  specific or general approvals and limitations as shall  be  required  by
  regulations  promulgated from time to time by the banking board pursuant
  to this paragraph; provided, however, that no activity specified  herein
  shall  be  undertaken  pursuant  to  the  authority  contained  in  this
  paragraph  until  the  banking  board  shall  have  issued   regulations
  specifying  the  limitations  and requirements which shall be imposed in
  connection with the  investments  and  activities  referred  to  herein,
  including,  without  limitation,  the  consideration of such savings and
  loan  association's  record  in  meeting  the  credit  needs  of   local
  communities  within  the  meaning  of  section  twenty-eight-b  of  this
  chapter.
    * NB Expired June 30, 1988
    2. All real estate purchased by any such association or taken by it in
  settlement of debts due it, shall be conveyed to it directly by name or,
  subject to such regulations and restrictions as the banking board  finds
  to  be  necessary  and  proper,  may  be  taken  in  the  name of a duly
  authorized  nominee,  and  the  conveyance   immediately   recorded   or
  registered  in  the office of the proper recording officer of the county
  in which such real estate is located.