NY Banking L § 447-C (2021)
2021 New York Laws BNK - Banking Article 10-C - Mutual Holding Companies 447-C - Mutual Holding Company Powers.

§ 447-c.  Mutual  holding  company  powers. 1. Upon the formation of a mutual holding company by a mutual savings and loan association:  (a) the mutual holding company shall possess all  the  rights,  powers and  privileges,  except  deposit-taking powers, and shall be subject to all the limitations not inconsistent  with  this  article  of  a  mutual savings  and  loan  association  under  articles ten and sixteen of this chapter;  (b) the mutual holding company shall be  subject  to  the  limitations imposed  by  the savings and loan holding company provisions of the Home Owners Loan Act (title twelve United States Code Section 1467a);  (c)  notwithstanding  the  provisions  of  paragraph   (b)   of   this subdivision  no mutual holding company shall exercise any rights, powers or privileges pursuant to any provision of  federal  law  applicable  to savings  and  loan holding companies which are not also authorized under article ten of this chapter.   2. Notwithstanding any inconsistent provision of  section  fourteen-e, six  hundred, six hundred one, six hundred one-a or six hundred one-b of this  chapter,  subject  to  general  regulations  promulgated  by   the superintendent of financial services, a mutual holding company may:  (a)  merge  with,  acquire  or purchase the assets of a mutual holding company established pursuant to this article or  the  savings  and  loan holding  company  provisions  of  the Home Owners Loan Act (title twelve United States Code Section 1467a);  (b) acquire or purchase the assets or stock of a stock savings bank, a stock savings and loan association, a stock federal savings  bank  or  a stock federal savings and loan association;  (c)  acquire  a  mutual  savings  bank,  a  mutual  savings  and  loan association, a federal mutual savings bank or a federal  mutual  savings and loan association through the merger of such institution with a stock subsidiary of such mutual holding company;  (d)  engage  in  any  other  acquisition  or  combination specifically permitted  by  general  or  special  regulations  promulgated   by   the superintendent  of  financial  services;  provided,  however,  that  the superintendent of financial services shall have no power to  permit  any insurance  activities prohibited by subdivision three of this section or to expand by interpretation any provision of federal law  set  forth  in the  savings and loan holding company provisions of the Home Owners Loan Act (title twelve United States Code Section 1467a).   3. Except to the extent permitted by  the  savings  and  loan  holding company  provisions  of  the  Home  Owners Loan Act (title twelve United States Code Section  1467a)  and  authorized  by  article  ten  of  this chapter,  the powers of the mutual holding company shall not include the power to directly or indirectly engage in: the sale or  underwriting  of insurance;  the  formation  or  acquisition of an insurance agency or an insurance company, or; the issue, sale,  distribution  and  underwriting of,  or  to deal in, any security arising out of a contract issued by an insurance company and subject to the supervision of  the  superintendent of financial services.