§ 14-E — Power of the superintendent to authorize the operation of savings banks and savings and loan associations in stock form

§ 14-e. Power of the superintendent to authorize the operation of\nsavings banks and savings and loan associations in stock form.\n 1. Notwithstanding any other provision of law to the contrary, the\nsuperintendent is authorized to promulgate such rules and regulations as\nshall facilitate:\n (a) The organization and operation of stock-form savings banks and\nstock-form savings and loan associations,\n (b) The conversion of mutual savings banks and savings and loan\nassociations to stock form, and\n (c) Mergers and acquisitions of assets or of capital stock between and\namong all of the foregoing banking institutions and between and among\nsuch institutions and any other banking institution.\n The superintendent is authorized to define and implement, by\nregulation, the terms and provisions of this section. In adopting such\nregulations, the superintendent shall take into account the declaration\nof policy contained in section one of a chapter of the laws of nineteen\nhundred eighty-four entitled "An Act to amend the banking law, in\nrelation to the organization and incorporation of stock-form savings\nbanks and stock-form savings and loan associations and the conversion of\nmutual savings banks and mutual savings and loan associations to stock\nform". In connection with such regulations, the superintendent is\nempowered to apply to such stock-form organizations any provision of\nthis chapter, in whole or in part, as shall be applicable to any other\nstock-form banking organization and to vary any condition, requirement\nor provision of this article or article fifteen or sixteen of this\nchapter.\n 2. Such applications as the superintendent may prescribe under\nparagraph (a), (b) or (c) of subdivision one of this section shall each\nbe accompanied by an investigation fee as prescribed pursuant to section\neighteen-a of this article.\n 3. Without limiting the foregoing, the superintendent, if the\nsuperintendent shall determine that unusual and extraordinary\ncircumstances exist, shall be authorized, by resolution or regulation,\nto apply or to deem inapplicable to any banking institution referred to\nin subdivision one of this section, such provisions of this chapter in\nwhole or in part, as it shall find appropriate in connection with the\norganization, operation, conversion, merger or any other transaction\ninvolving a stock-form savings bank or stock-form savings and loan\nassociation, provided, however, that such actions are in harmony with\nthe spirit of the law and are necessary because of the existence of such\ncircumstances.\n