N.Y. Banking Law § 447: Authorization of the formation of mutual holding companies

§ 447. Authorization of the formation of mutual holding companies. 1.

Notwithstanding any other provision of law and in accordance with

general regulations which the superintendent of financial services shall

promulgate to facilitate such reorganizations, a mutual savings and loan

association may reorganize so as to cause its deposit-taking and one or

more other activities to be conducted by a stock savings and loan

association subsidiary of a mutual holding company formed for such

purpose upon the payment of a fee as prescribed pursuant to section

eighteen-a of this chapter.

2. Except to the extent that such provisions are inconsistent with

this article, the stock savings and loan association subsidiary of the

mutual holding company shall be subject to the same provisions of this

chapter as apply to savings and loan associations which have converted

to stock form pursuant to sections fourteen-e and nine thousand nineteen

of this chapter.