Section 98. Power to take and hold real estate; restrictions

1. A bank or
  trust company may purchase, hold, lease  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, and a building
  or a portion or portions thereof for use by the bank or trust company in
  its business, provided that the aggregate of all investments of any bank
  or trust company in such plots and buildings and in a leased building or
  a  portion  or  portions  thereof  or  in the stock, debentures or other
  obligations of any corporation holding such plots or  buildings  and  of
  all  loans  to or upon the security of the stock of any such corporation
  shall not exceed forty per centum of the aggregate of the capital stock,
  surplus fund and undivided profits of such bank or trust company, except
  with the approval of the superintendent.   Any  bank  or  trust  company
  having,  prior to April twenty-third, nineteen hundred thirty-four, made
  loans and investments in excess of the limitations  prescribed  by  this
  paragraph may retain any such loans and investments notwithstanding such
  limitations.
    (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)  Such  as  may  be  specifically  authorized  by resolution of the
  banking board upon a three-fifths vote of  all  its  members,  provided,
  however,  that  the  banking  board  upon a three-fifths vote of all its
  members may delegate to the superintendent the authority to approve  the
  purchase,  lease,  conveyance  or  other  acquisition  or  sale  of real
  property which is located outside the United States, its territories and
  possessions, and which is used principally as the residence  of  one  or
  more directors, officers, or employees of the bank or trust company.
    (e)  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 a bank or trust company in a
  single project shall not exceed one per centum of the assets or  fifteen
  per  centum  of  the  combined capital stock, surplus fund and undivided
  profits of such bank or  trust  company,  whichever  is  less,  and  the
  aggregate of all investments of a bank or trust company in such projects
  and  investments in securities of any "subsidiary" of the New York state
  urban development corporation, as defined in the New  York  state  urban
  development  corporation  act,  shall  not exceed five per centum of the
  assets or seventy-five per centum of the combined capital stock, surplus
  fund and undivided profits of such bank or trust company,  whichever  is
  less.
    2.  All real estate purchased by any bank or trust company or taken by
  it in settlement of debts due it, shall be conveyed to it  in  its  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.  All such conveyances shall be immediately recorded
  or registered in the office of  the  proper  recording  officer  of  the
  county in which such real estate is located.