2006 New York Code - 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 general regulations promulgated by the banking
  board, 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 regulations promulgated by or specific resolution
  of the banking  board;  provided,  however,  that  any  such  regulation
  promulgated  by, or specific resolution, of the banking board 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.