2010 New York Code
BNK - Banking
Article 10 - (375 - 413) SAVINGS AND LOAN ASSOCIATIONS
382-B - Power to issue certain obligations.

§ 382-b.  Power  to  issue  certain obligations. 1. In addition to all
  other powers granted to it by other provisions of  law,  a  savings  and
  loan  association  may  issue  such  notes,  bonds, debentures, or other
  obligations or other securities as the superintendent may authorize.
    2. Subject to such regulations and restrictions as the  banking  board
  finds   to  be  necessary  and  proper  and  notwithstanding  any  other
  provisions of law, a savings  and  loan  association  may  issue  notes,
  bonds, debentures, or other obligations or other securities subordinated
  to  deposits in such savings and loan association; provided that, unless
  the superintendent has given prior  approval  otherwise,  the  aggregate
  principal  amount  thereof  at  the  time  of  issuance shall not exceed
  twenty-five per  cent  of  the  net  worth  of  such  savings  and  loan
  association,  exclusive  of  all such notes, bonds, debentures, or other
  obligations or other securities. The  proceeds  or  other  consideration
  derived  by a savings and loan association from the issuance pursuant to
  this  subdivision  of  any  such  notes,  bonds,  debentures,  or  other
  obligations  or  other  securities  shall be deemed for purposes of this
  chapter to constitute a part of the net worth of such savings  and  loan
  association.  For  the  purposes  of  this article, the term "net worth"
  shall mean the excess of assets at book value, less allocated  reserves,
  over known liabilities, including deposit liabilities.