§ 406. Charters conformed to this article; obligations and rights\nunimpaired; saving clause; applicability to stock-form savings and loan\nassociations.
1.Except as provided by regulations promulgated by the\nsuperintendent of financial services pursuant to section fourteen-e of\nthis chapter, the powers, rights, duties, privileges and obligations of\nevery savings and loan association shall be governed, controlled,\nconstrued, extended, limited and determined by the provisions of this\nchapter, and the articles of association, certificate of incorporation,\nby-laws or rules of every such association heretofore made or existing,\nare hereby modified, altered and amended to conform to the provisions of\nthis chapter, and are declared void where such articles of association,\ncertificate
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§ 406. Charters conformed to this article; obligations and rights\nunimpaired; saving clause; applicability to stock-form savings and loan\nassociations. 1. Except as provided by regulations promulgated by the\nsuperintendent of financial services pursuant to section fourteen-e of\nthis chapter, the powers, rights, duties, privileges and obligations of\nevery savings and loan association shall be governed, controlled,\nconstrued, extended, limited and determined by the provisions of this\nchapter, and the articles of association, certificate of incorporation,\nby-laws or rules of every such association heretofore made or existing,\nare hereby modified, altered and amended to conform to the provisions of\nthis chapter, and are declared void where such articles of association,\ncertificate of incorporation, by-laws or rules are inconsistent with the\nprovisions of this chapter; except that the obligations of any existing\nassociation, and the obligations to any such association, existing on\nJune thirtieth, nineteen hundred thirty-nine, shall not be in any wise\nimpaired by the provisions of this act. No savings and loan association\nshall by reason of the provisions of this act be required to dispose of\nany loan or investment held by it on June thirtieth, nineteen hundred\nthirty-nine. For the purposes of this section, articles of association\nand by-laws are not to be deemed obligations of the association and may\nbe changed as prescribed in section four hundred two, anything in the\narticles of association or by-laws to the contrary notwithstanding.\n 2. The provisions of this article shall apply to stock-form savings\nand loan associations except that the superintendent of financial\nservices, consistent with the declaration of policy described in section\nfourteen-e of this chapter, shall be empowered to deem inapplicable to\nstock-form savings and loan associations, sections three hundred\nseventy-five, three hundred seventy-six, three hundred seventy-seven,\nthree hundred seventy-eight, three hundred eighty-five, three hundred\neighty-six, three hundred eighty-seven, three hundred eighty-eight,\nthree hundred eighty-nine, three hundred ninety, three hundred\nninety-two, three hundred ninety-seven, three hundred ninety-eight,\nthree hundred ninety-eight-a, three hundred ninety-eight-b, three\nhundred ninety-eight-c, subdivisions one, two and three of section three\nhundred ninety-nine, four hundred, four hundred two, four hundred five\nand four hundred six of this chapter.\n