§ 447. 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 and loan
association may reorganize so as to cause its deposit-taking and one or
more other activities to be conducted by a stock savings and loan
association subsidiary of a mutual holding company formed for such
purpose upon the payment of a fee as prescribed pursuant to section
eighteen-a of this chapter.

2. Except to the extent that such provisions are inconsistent with
this article, the stock savings and loan association subsidiary of the
mutual holding company shall be subject to the same provisions of this
chapter as apply to savings and loan associations which have converted
to stock form pursuant to sections fourteen-e and nine thousand nineteen
of this chapter.