2013 New York Consolidated Laws
BNK - Banking
Article 10-C - (447 - 447-D) MUTUAL HOLDING COMPANIES
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.