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

§ 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.