2013 New York Consolidated Laws
BNK - Banking
Article 6-C - (290 - 294) MUTUAL HOLDING COMPANIES
290 - Authorization of the formation of mutual holding companies.

 
    § 290.  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 bank may
  reorganize  so  as  to  cause  its  deposit-taking and one or more other
  activities to be conducted by a  stock  savings  bank  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 bank subsidiary of the mutual holding
  company shall be subject to the same provisions of this chapter as apply
  to savings banks which have converted to stock form pursuant to sections
  fourteen-e and nine thousand nineteen of this chapter.