§ 294 — Conversion of mutual holding company into stock holding company

§ 294. Conversion of mutual holding company into stock holding\ncompany. 1. If approved by the superintendent, a mutual holding company\nmay convert to a stock holding company in accordance with general\nregulations promulgated by the superintendent of financial services.\n 2. If approved by the superintendent, the mutual holding company shall\nsubmit the plan of conversion to its depositors for approval at a\nmeeting convened for that purpose in accordance with such regulations.\nThe provisions of paragraphs (a), (b), (c) and (d) of subdivision three\nof section two hundred ninety-one of this article shall apply to such\nmeeting. For the purpose of this subdivision, the term "depositors"\nshall mean those depositors as of a record date, of a stock savings bank\nsubsidiary of the mutual holding company which:\n (a) was organized as a result of the reorganization of a mutual\nsavings bank as provided in section two hundred ninety of this article;\nand\n (b) has not at any time subsequent to its organization issued more\nthan forty-nine per centum of its issued and outstanding common stock to\nany persons other than a mutual holding company organized pursuant to\nthis article or the savings and loan holding company provisions of the\nHome Owners Loan Act (title twelve United States Code Section 1467a).\n