N.Y. Banking Law § 380-k

§ 380-k. Investment in promissory notes. A savings and loan\nassociation may invest in promissory notes and other evidences of\nindebtedness representing commercial, corporate or business loans to the\nsame extent as a savings bank is authorized to invest in such notes\nunder subdivision eight-c of section two hundred thirty-five of this\nchapter, subject to those limitations applicable to such investments in\nthe case of a savings bank. For the purposes of this section, the term\n"net worth" shall have the meaning ascribed to it by subdivision four of\nsection two hundred forty-four of this chapter. In addition, a savings\nand loan association is authorized to invest in such promissory notes as\na savings bank may invest in pursuant to paragraph five of subdivision\neight of section two hundred thirty-five of this chapter.\n