2006 New York Code - 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  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 or  special
  regulations  promulgated  by  the banking board; provided, however, that
  the banking board 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 insurance.