New York General Associations Law Section 6 - Power to take and convey real property.

  6.    Power  to  take  and  convey  real  property.   A joint-stock
  association, in the name  of  its  president,  as  such  president,  may
  purchase, take, hold and convey such real property only,
1.    As  may  be  necessary  for  its  immediate accommodation in the
  convenient transaction of its business.
2.  As may be mortgaged to it in good faith by  way  of  security  for
  loans made by or moneys due to it.
3.   As it may purchase at sales under judgments, decrees or mortgages
  held by it.

Last modified: February 3, 2019