NY BANK § 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 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 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 of this chapter.