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2015 New York Laws
BNK - Banking
Article 10 - (Banking) SAVINGS AND LOAN ASSOCIATIONS
380-K - Investment in promissory notes.

NY Banking L § 380-K (2015) What's This?
 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.

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