N.Y. Banking Law § 380-c

§ 380-c. Power to participate in certain loans and mortgage\ninvestments. Subject to such regulations and restrictions as may be\nprescribed by the superintendent of financial services, a savings and\nloan association may participate in making or acquiring (1) loans of a\ntype that it is authorized to have by paragraph (b) of subdivision two\nof section three hundred eighty of this chapter, and (2) mortgage\ninvestments of any type that it is authorized to have, provided that the\nparticipation acquired shall not be subordinate to any other part\ninterest.\n