N.Y. Public Service Law § 106

§ 106. Approval of loans. Except with the consent and approval of the\npublic service commission first had and obtained, no public utility\nshall loan moneys, stocks, bonds, notes or other evidences of\nindebtedness, to any corporation, company, association, partnership or\nindividual, owning or holding, directly or indirectly, any stock of said\npublic utility.\n