§ 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.