New York Consolidated Laws, Banking Law - BNK § 380-k. Investment in promissory notes

A savings and loan association may invest in promissory notes and other evidences of indebtedness representing commercial, corporate or business loans to the same extent as a savings bank is authorized to invest in such notes under subdivision eight-c of section two hundred thirty-five of this chapter, subject to those limitations applicable to such investments in the case of a savings bank.  For the purposes of this section, the term “net worth” shall have the meaning ascribed to it by subdivision four of section two hundred forty-four of this chapter.  In addition, a savings and loan association is authorized to invest in such promissory notes as a savings bank may invest in pursuant to paragraph five of subdivision eight of section two hundred thirty-five of this chapter.