§ 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 […]
§ 291. Required approvals. 1. A reorganization of a mutual savings bank pursuant to this article shall be approved by a majority of the board of trustees of the mutual savings bank. 2. (a) A mutual savings bank proposing a reorganization pursuant to this article shall provide the superintendent with written notice of such proposed […]
§ 292. Formation of a mutual holding company. 1. The plan of reorganization may authorize the formation of a mutual holding company by: (a) (i) the organization by the mutual holding company of a stock savings bank subsidiary and the transferal to such stock savings bank of the substantial part of its assets and liabilities, […]
§ 293. Mutual holding company powers. 1. Upon the formation of a mutual holding company by a mutual savings bank: (a) except as provided pursuant to the provisions of subdivision two of this section, the mutual holding company shall possess all the rights, powers and privileges, except deposit-taking powers, and shall be subject to all […]
§ 294. Conversion of mutual holding company into stock holding company. 1. If approved by the superintendent, a mutual holding company may convert to a stock holding company in accordance with general regulations promulgated by the superintendent of financial services. 2. If approved by the superintendent, the mutual holding company shall submit the plan of […]
