N.Y. Banking Law § 380-k: Investment in promissory notes

§ 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.