N.Y. Banking Law § 293: Mutual holding company powers

§ 293. Mutual holding company powers. 1. Upon the formation of a

mutual holding company by a mutual savings bank:

(a) except as provided pursuant to the provisions of subdivision two

of this section, the mutual holding company shall possess all the

rights, powers and privileges, except deposit-taking powers, and shall

be subject to all the limitations, not inconsistent with this article,

of a mutual savings bank under articles six and sixteen of this chapter.

(b) the mutual holding company shall be subject to the limitations

imposed by the Bank Holding Company Act of 1956 (title twelve United

States Code Section 1841, et seq.) or, in the case of a mutual holding

company resulting from the reorganization of a savings bank which has

elected either prior or subsequent to such reorganization to be treated

as a savings association as that term is defined in title twelve United

States Code Section 1467a, such mutual holding company shall be subject

to the limitations imposed by the savings and loan holding company

provisions of the Home Owners Loan Act (title twelve United States Code

Section 1467a).

2. Notwithstanding any inconsistent provisions of section fourteen-e,

six hundred, six hundred one, six hundred one-a or six hundred one-b of

this chapter, subject to regulations of the superintendent, a mutual

holding company may:

(a) merge with, acquire or purchase the assets of a mutual holding

company established pursuant to this article or the savings and loan

holding company provisions of the Home Owners Loan Act (title twelve

United States Code Section 1467a);

(b) acquire or purchase the assets or stock of a stock savings bank, a

stock savings and loan association, a stock federal savings bank or a

stock federal savings and loan association;

(c) acquire a mutual savings bank, a mutual savings and loan

association, a federal mutual savings bank or a federal mutual savings

and loan association through the merger of such institution with a stock

subsidiary of such mutual holding company;

(d) engage in any other acquisition or combination specifically

permitted by regulations of the superintendent; provided, however, that

any such regulation shall only authorize activities which are authorized

by the provisions of the Bank Holding Company Act of 1956, as amended,

(title twelve United States Code, Section 1841, et seq.) and the

provisions applicable, to mutual holding companies under the Home Owners

Loan Act, as amended, (title twelve United States Code, Section 1467a)

and any regulations or rules of the Federal Reserve Board and the

federal Office of Thrift Supervision pursuant thereto, respectively, to

the extent such authorized activities are not otherwise limited or

prohibited by this chapter.