§ 290 — Authorization of the formation of mutual holding companies

§ 290. Authorization of the formation of mutual holding companies. 1.\nNotwithstanding any other provision of law, and in accordance with\ngeneral regulations which the superintendent of financial services shall\npromulgate to facilitate such reorganizations, a mutual savings bank may\nreorganize so as to cause its deposit-taking and one or more other\nactivities to be conducted by a stock savings bank subsidiary of a\nmutual holding company formed for such purpose, upon the payment of a\nfee as prescribed pursuant to section eighteen-a of this chapter.\n 2. Except to the extent that such provisions are inconsistent with\nthis article, the stock savings bank subsidiary of the mutual holding\ncompany shall be subject to the same provisions of this chapter as apply\nto savings banks which have converted to stock form pursuant to sections\nfourteen-e and nine thousand nineteen of this chapter.\n