§ 447-C — Mutual holding company powers

§ 447-c. Mutual holding company powers. 1. Upon the formation of a\nmutual holding company by a mutual savings and loan association:\n (a) the mutual holding company shall possess all the rights, powers\nand privileges, except deposit-taking powers, and shall be subject to\nall the limitations not inconsistent with this article of a mutual\nsavings and loan association under articles ten and sixteen of this\nchapter;\n (b) the mutual holding company shall be subject to the limitations\nimposed by the savings and loan holding company provisions of the Home\nOwners Loan Act (title twelve United States Code Section 1467a);\n (c) notwithstanding the provisions of paragraph (b) of this\nsubdivision no mutual holding company shall exercise any rights, powers\nor privileges pursuant to any provision of federal law applicable to\nsavings and loan holding companies which are not also authorized under\narticle ten of this chapter.\n 2. Notwithstanding any inconsistent provision of section fourteen-e,\nsix hundred, six hundred one, six hundred one-a or six hundred one-b of\nthis chapter, subject to general regulations promulgated by the\nsuperintendent of financial services, a mutual holding company may:\n (a) merge with, acquire or purchase the assets of a mutual holding\ncompany established pursuant to this article or the savings and loan\nholding company provisions of the Home Owners Loan Act (title twelve\nUnited States Code Section 1467a);\n (b) acquire or purchase the assets or stock of a stock savings bank, a\nstock savings and loan association, a stock federal savings bank or a\nstock federal savings and loan association;\n (c) acquire a mutual savings bank, a mutual savings and loan\nassociation, a federal mutual savings bank or a federal mutual savings\nand loan association through the merger of such institution with a stock\nsubsidiary of such mutual holding company;\n (d) engage in any other acquisition or combination specifically\npermitted by general or special regulations promulgated by the\nsuperintendent of financial services; provided, however, that the\nsuperintendent of financial services shall have no power to permit any\ninsurance activities prohibited by subdivision three of this section or\nto expand by interpretation any provision of federal law set forth in\nthe savings and loan holding company provisions of the Home Owners Loan\nAct (title twelve United States Code Section 1467a).\n 3. Except to the extent permitted by the savings and loan holding\ncompany provisions of the Home Owners Loan Act (title twelve United\nStates Code Section 1467a) and authorized by article ten of this\nchapter, the powers of the mutual holding company shall not include the\npower to directly or indirectly engage in: the sale or underwriting of\ninsurance; the formation or acquisition of an insurance agency or an\ninsurance company, or; the issue, sale, distribution and underwriting\nof, or to deal in, any security arising out of a contract issued by an\ninsurance company and subject to the supervision of the superintendent\nof financial services.\n