§ 382. Power to borrow. Subject to such regulations as the superintendent of financial services may promulgate, a savings and loan association may borrow money and pledge its assets as security for the repayment thereof if it has been authorized so to do by the vote of a majority of its board of directors.
Power to borrow
N.Y. Banking Law § 382, under Savings and Loan Associations.
N.Y. Banking Law § 382