N.Y. Banking Law § 6 Investment In Obligations of Housing Corporations Indirectly Guaranteed Pursuant to the "Servicemen's Readjustment Act of 1944"

• Library: New York Statutes
• Edition: 2023
• Currency: Current through 2023 NY Law Chapter 682

Subject to such regulations and restrictions as the superintendent of financial services finds to be necessary and proper, any bank, trust company or savings bank may invest in obligations of any corporation organized under any law of this state for the purpose of acquiring, constructing, owning, maintaining, operating, selling or conveying a housing project or projects (not including hotels but including accommodations for retail stores, shops, offices and other community services reasonably incident to such projects) located within this state, which obligations are (a) secured by a first mortgage lien on such project, or such part thereof, as was or is to be constructed or acquired out of the proceeds of such obligations, either directly or by issue under an indenture of mortgage from...