§ 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 subdivision eight-c of section two hundred thirty-five 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 subdivision four of
section two hundred forty-four 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 paragraph five of subdivision
eight of section two hundred thirty-five of this chapter.