14-E - Power of the banking board to authorize the operation of savings banks and savings and loan associations in stock form. - New York Statutes

§ 14-e. Power of the banking board 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 banking board is authorized, by a three-fifths vote of all its members, 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 banking board is authorized to define and implement, by general regulation, the terms and provisions of this section. In adopting such regulations, the banking board 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 banking board 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 article two, fifteen or sixteen of this chapter. 2. Such applications as the banking board 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 banking board, if it shall determine that unusual and extraordinary circumstances exist, shall be authorized, by resolution, special or general 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.