§ 14-e. Power of the superintendent to authorize the operation of
savings banks and savings and loan associations in stock form.

1. Notwithstanding any other provision of law to the contrary, the
superintendent is authorized to promulgate such rules and regulations as
shall facilitate:

(a) The organization and operation of stock-form savings banks and
stock-form savings and loan associations,

(b) The conversion of mutual savings banks and savings and loan
associations to stock form, and

(c) Mergers and acquisitions of assets or of capital stock between and
among all of the foregoing banking institutions and between and among
such institutions and any other banking institution.

The superintendent is authorized to define and implement, by
regulation, the terms and provisions of this section. In adopting such
regulations, the superintendent shall take into account the declaration
of policy contained in section one of a chapter of the laws of nineteen
hundred eighty-four entitled "An Act to amend the banking law, in
relation to the organization and incorporation of stock-form savings
banks and stock-form savings and loan associations and the conversion of
mutual savings banks and mutual savings and loan associations to stock
form". In connection with such regulations, the superintendent is
empowered to apply to such stock-form organizations any provision of
this chapter, in whole or in part, as shall be applicable to any other
stock-form banking organization and to vary any condition, requirement
or provision of this article or article fifteen or sixteen of this
chapter.

2. Such applications as the superintendent may prescribe under
paragraph (a), (b) or (c) of subdivision one of this section shall each
be accompanied by an investigation fee as prescribed pursuant to section
eighteen-a of this article.

3. Without limiting the foregoing, the superintendent, if the
superintendent shall determine that unusual and extraordinary
circumstances exist, shall be authorized, by resolution or regulation,
to apply or to deem inapplicable to any banking institution referred to
in subdivision one of this section, such provisions of this chapter in
whole or in part, as it shall find appropriate in connection with the
organization, operation, conversion, merger or any other transaction
involving a stock-form savings bank or stock-form savings and loan
association, provided, however, that such actions are in harmony with
the spirit of the law and are necessary because of the existence of such
circumstances.