2023 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.