§ 447 — Authorization of the formation of mutual holding companies

§ 447. 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 and loan\nassociation may reorganize so as to cause its deposit-taking and one or\nmore other activities to be conducted by a stock savings and loan\nassociation subsidiary of a mutual holding company formed for such\npurpose upon the payment of a fee as prescribed pursuant to section\neighteen-a of this chapter.\n 2. Except to the extent that such provisions are inconsistent with\nthis article, the stock savings and loan association subsidiary of the\nmutual holding company shall be subject to the same provisions of this\nchapter as apply to savings and loan associations which have converted\nto stock form pursuant to sections fourteen-e and nine thousand nineteen\nof this chapter.\n