2017 New York Laws
BNK - Banking
Article 6-C - Mutual Holding Companies
293 - 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  regulations of the superintendent, 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 regulations of the superintendent; provided, however, that
  any such regulation 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.