N.Y. Banking Law § 382-b

§ 382-b. Power to issue certain obligations. 1. In addition to all\nother powers granted to it by other provisions of law, a savings and\nloan association may issue such notes, bonds, debentures, or other\nobligations or other securities as the superintendent may authorize.\n 2. Subject to such regulations and restrictions as the superintendent\nof financial services finds to be necessary and proper and\nnotwithstanding any other provisions of law, a savings and loan\nassociation may issue notes, bonds, debentures, or other obligations or\nother securities subordinated to deposits in such savings and loan\nassociation; provided that, unless the superintendent has given prior\napproval otherwise, the aggregate principal amount thereof at the time\nof issuance shall not exceed twenty-five per cent of the net worth of\nsuch savings and loan association, exclusive of all such notes, bonds,\ndebentures, or other obligations or other securities. The proceeds or\nother consideration derived by a savings and loan association from the\nissuance pursuant to this subdivision of any such notes, bonds,\ndebentures, or other obligations or other securities shall be deemed for\npurposes of this chapter to constitute a part of the net worth of such\nsavings and loan association. For the purposes of this article, the term\n"net worth" shall mean the excess of assets at book value, less\nallocated reserves, over known liabilities, including deposit\nliabilities.\n