§ 406. Charters conformed to this article; obligations and rights
unimpaired; saving clause; applicability to stock-form savings and loan
associations. 1. Except as provided by regulations promulgated by the
superintendent of financial services pursuant to section fourteen-e of
this chapter, the powers, rights, duties, privileges and obligations of
every savings and loan association shall be governed, controlled,
construed, extended, limited and determined by the provisions of this
chapter, and the articles of association, certificate of incorporation,
by-laws or rules of every such association heretofore made or existing,
are hereby modified, altered and amended to conform to the provisions of
this chapter, and are declared void where such articles of association,
certificate of incorporation, by-laws or rules are inconsistent with the
provisions of this chapter; except that the obligations of any existing
association, and the obligations to any such association, existing on
June thirtieth, nineteen hundred thirty-nine, shall not be in any wise
impaired by the provisions of this act. No savings and loan association
shall by reason of the provisions of this act be required to dispose of
any loan or investment held by it on June thirtieth, nineteen hundred
thirty-nine. For the purposes of this section, articles of association
and by-laws are not to be deemed obligations of the association and may
be changed as prescribed in section four hundred two, anything in the
articles of association or by-laws to the contrary notwithstanding.

2. The provisions of this article shall apply to stock-form savings
and loan associations except that the superintendent of financial
services, consistent with the declaration of policy described in section
fourteen-e of this chapter, shall be empowered to deem inapplicable to
stock-form savings and loan associations, sections three hundred
seventy-five, three hundred seventy-six, three hundred seventy-seven,
three hundred seventy-eight, three hundred eighty-five, three hundred
eighty-six, three hundred eighty-seven, three hundred eighty-eight,
three hundred eighty-nine, three hundred ninety, three hundred
ninety-two, three hundred ninety-seven, three hundred ninety-eight,
three hundred ninety-eight-a, three hundred ninety-eight-b, three
hundred ninety-eight-c, subdivisions one, two and three of section three
hundred ninety-nine, four hundred, four hundred two, four hundred five
and four hundred six of this chapter.