§ 290. Authorization of the formation of mutual holding companies.
141 words·~1 min read·
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§ 290. Authorization of the formation of mutual holding companies. 1.
Notwithstanding any other provision of law, and in accordance with
general regulations which the superintendent of financial services shall
promulgate to facilitate such reorganizations, a mutual savings bank may
reorganize so as to cause its deposit-taking and one or more other
activities to be conducted by a stock savings bank subsidiary of a
mutual holding company formed for such purpose, upon the payment of a
fee as prescribed pursuant to section eighteen-a of this chapter.
2. Except to the extent that such provisions are inconsistent with
this article, the stock savings bank subsidiary of the mutual holding
company shall be subject to the same provisions of this chapter as apply
to savings banks which have converted to stock form pursuant to sections
fourteen-e and nine thousand nineteen of this chapter.