§ 293 — Mutual holding company powers

§ 293. Mutual holding company powers. 1. Upon the formation of a\nmutual holding company by a mutual savings bank:\n (a) except as provided pursuant to the provisions of subdivision two\nof this section, the mutual holding company shall possess all the\nrights, powers and privileges, except deposit-taking powers, and shall\nbe subject to all the limitations, not inconsistent with this article,\nof a mutual savings bank under articles six and sixteen of this chapter.\n (b) the mutual holding company shall be subject to the limitations\nimposed by the Bank Holding Company Act of 1956 (title twelve United\nStates Code Section 1841, et seq.) or, in the case of a mutual holding\ncompany resulting from the reorganization of a savings bank which has\nelected either prior or subsequent to such reorganization to be treated\nas a savings association as that term is defined in title twelve United\nStates Code Section 1467a, such mutual holding company shall be subject\nto the limitations imposed by the savings and loan holding company\nprovisions of the Home Owners Loan Act (title twelve United States Code\nSection 1467a).\n 2. Notwithstanding any inconsistent provisions of section fourteen-e,\nsix hundred, six hundred one, six hundred one-a or six hundred one-b of\nthis chapter, subject to regulations of the superintendent, a mutual\nholding company may:\n (a) merge with, acquire or purchase the assets of a mutual holding\ncompany established pursuant to this article or the savings and loan\nholding company provisions of the Home Owners Loan Act (title twelve\nUnited States Code Section 1467a);\n (b) acquire or purchase the assets or stock of a stock savings bank, a\nstock savings and loan association, a stock federal savings bank or a\nstock federal savings and loan association;\n (c) acquire a mutual savings bank, a mutual savings and loan\nassociation, a federal mutual savings bank or a federal mutual savings\nand loan association through the merger of such institution with a stock\nsubsidiary of such mutual holding company;\n (d) engage in any other acquisition or combination specifically\npermitted by regulations of the superintendent; provided, however, that\nany such regulation shall only authorize activities which are authorized\nby the provisions of the Bank Holding Company Act of 1956, as amended,\n(title twelve United States Code, Section 1841, et seq.) and the\nprovisions applicable, to mutual holding companies under the Home Owners\nLoan Act, as amended, (title twelve United States Code, Section 1467a)\nand any regulations or rules of the Federal Reserve Board and the\nfederal Office of Thrift Supervision pursuant thereto, respectively, to\nthe extent such authorized activities are not otherwise limited or\nprohibited by this chapter.\n