N.Y. Banking Law § 447-c: Mutual holding company powers

§ 447-c. Mutual holding company powers. 1. Upon the formation of a

mutual holding company by a mutual savings and loan association:

(a) 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 and loan association under articles ten and sixteen of this

chapter;

(b) the 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);

(c) notwithstanding the provisions of paragraph (b) of this

subdivision no mutual holding company shall exercise any rights, powers

or privileges pursuant to any provision of federal law applicable to

savings and loan holding companies which are not also authorized under

article ten of this chapter.

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

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

this chapter, subject to general regulations promulgated by the

superintendent of financial services, 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 general or special regulations promulgated by the

superintendent of financial services; provided, however, that the

superintendent of financial services shall have no power to permit any

insurance activities prohibited by subdivision three of this section or

to expand by interpretation any provision of federal law set forth in

the savings and loan holding company provisions of the Home Owners Loan

Act (title twelve United States Code Section 1467a).

3. Except to the extent permitted by the savings and loan holding

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

States Code Section 1467a) and authorized by article ten of this

chapter, the powers of the mutual holding company shall not include the

power to directly or indirectly engage in: the sale or underwriting of

insurance; the formation or acquisition of an insurance agency or an

insurance company, or; the issue, sale, distribution and underwriting

of, or to deal in, any security arising out of a contract issued by an

insurance company and subject to the supervision of the superintendent

of financial services.