Savings and loan associations may, pursuant to section 379-a(1) of the Banking Law, invest in stock, capital notes and debentures of any corporation organized under the laws of this State, other than a trust company, provided that all of the stock of such corporation is, or is to be, owned by not less than 20 savings and loan associations or Federal savings and loan associations located in New York State, and provided further that such investment shall be subject to the further conditions set forth in this Part.