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.
New York Legal Code