N.Y. Banking Law § 14-e: Power of the superintendent to authorize the operation of savings banks and savings and loan associations in stock form

§ 14-e. Power of the superintendent to authorize the operation of

savings banks and savings and loan associations in stock form.

1. Notwithstanding any other provision of law to the contrary, the

superintendent is authorized to promulgate such rules and regulations as

shall facilitate:

(a) The organization and operation of stock-form savings banks and

stock-form savings and loan associations,

(b) The conversion of mutual savings banks and savings and loan

associations to stock form, and

(c) Mergers and acquisitions of assets or of capital stock between and

among all of the foregoing banking institutions and between and among

such institutions and any other banking institution.

The superintendent is authorized to define and implement, by

regulation, the terms and provisions of this section. In adopting such

regulations, the superintendent shall take into account the declaration

of policy contained in section one of a chapter of the laws of nineteen

hundred eighty-four entitled "An Act to amend the banking law, in

relation to the organization and incorporation of stock-form savings

banks and stock-form savings and loan associations and the conversion of

mutual savings banks and mutual savings and loan associations to stock

form". In connection with such regulations, the superintendent is

empowered to apply to such stock-form organizations any provision of

this chapter, in whole or in part, as shall be applicable to any other

stock-form banking organization and to vary any condition, requirement

or provision of this article or article fifteen or sixteen of this

chapter.

2. Such applications as the superintendent may prescribe under

paragraph (a), (b) or (c) of subdivision one of this section shall each

be accompanied by an investigation fee as prescribed pursuant to section

eighteen-a of this article.

3. Without limiting the foregoing, the superintendent, if the

superintendent shall determine that unusual and extraordinary

circumstances exist, shall be authorized, by resolution or regulation,

to apply or to deem inapplicable to any banking institution referred to

in subdivision one of this section, such provisions of this chapter in

whole or in part, as it shall find appropriate in connection with the

organization, operation, conversion, merger or any other transaction

involving a stock-form savings bank or stock-form savings and loan

association, provided, however, that such actions are in harmony with

the spirit of the law and are necessary because of the existence of such

circumstances.