§ 380-f. Power to make advances of federal funds. A savings and loan
association may make advances of federal funds to commercial banks,
provided such advances are made on the condition that they be repaid on
the next business day following the day on which the advance is made.
For purposes of this section the term "federal funds" shall mean funds
which a savings and loan association has on deposit at a commercial bank
which are exchangeable for funds on deposit at a federal reserve bank;
the term "commercial bank" shall mean any bank, trust company, private
banker, national banking association, having its principal office in
this state; and the term "business day" shall mean any day on which the
savings and loan association, the commercial bank and the federal
reserve bank where the funds are on deposit are all open for general
business.