2006 New York Code - Power Of The Banking Board To Authorize The Operation Of Savings Banks And Savings And Loan Associations In Stock Form.

 
    § 14-e.  Power  of  the  banking  board  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 banking
  board is authorized, by a three-fifths  vote  of  all  its  members,  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 banking board is authorized to define and  implement,  by  general
  regulation,  the  terms and provisions of this section. In adopting such
  regulations, the banking board 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  banking  board 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 article two, fifteen or sixteen of this chapter.
    2.  Such  applications  as  the  banking  board  may  prescribe  under
  paragraph (a), (b) or (c) of subdivision one of this section shall  each
  be accompanied by an investigation fee of five thousand dollars.
    3.  Without  limiting  the  foregoing,  the banking board, if it shall
  determine that unusual and extraordinary circumstances exist,  shall  be
  authorized, by resolution, special or general 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.