§ 382-b. Power to issue certain obligations. 1. In addition to all
other powers granted to it by other provisions of law, a savings and
loan association may issue such notes, bonds, debentures, or other
obligations or other securities as the superintendent may authorize.

2. Subject to such regulations and restrictions as the superintendent
of financial services finds to be necessary and proper and
notwithstanding any other provisions of law, a savings and loan
association may issue notes, bonds, debentures, or other obligations or
other securities subordinated to deposits in such savings and loan
association; provided that, unless the superintendent has given prior
approval otherwise, the aggregate principal amount thereof at the time
of issuance shall not exceed twenty-five per cent of the net worth of
such savings and loan association, exclusive of all such notes, bonds,
debentures, or other obligations or other securities. The proceeds or
other consideration derived by a savings and loan association from the
issuance pursuant to this subdivision of any such notes, bonds,
debentures, or other obligations or other securities shall be deemed for
purposes of this chapter to constitute a part of the net worth of such
savings and loan association. For the purposes of this article, the term
"net worth" shall mean the excess of assets at book value, less
allocated reserves, over known liabilities, including deposit
liabilities.